Valuation of Early Stage Companies is an updated analysis and application of valuation theory for early stage companies with complex capital structures. The book shows the appropriate and defensible way to prepare and present business valuations with a strong emphasis on applications and models. This book dispels improper valuation techniques promulgated by unknowing business appraisers. It provides the valuation theory, the consensus view on application, and the tools to apply it. Strong emphasis is on applications and models versus pure theory. Chapters and procedures are contribute by top valuation experts.