Dalius Budvytis (Delta Partners) recently wrote on the Business Valuation & Advisory Network group on LinkedIn: “I am valuing an early-stage venture using a DCF (cash flows to firm and cash flows to equity). The business turns cash-flow positive in year five, equity holders infuse money in the initial four years.” Budvytis finds two points perplexing: 1. Cost of capital. 2: Investor commitments. Several valuation practitioners have responded to Budvytis; read their lively discussion here.