With small, early revenue streams; often inexperienced management teams; unproven business and product concepts; uncertain capital sources; and—most often—many intangible assets, early-stage companies can be a perplexing valuation assignment, at best. Despite these numerous challenges, early-stage company valuations have increasingly become a ubiquitous subject of business valuation. In "Early-Stage Company Valuation," expert appraiser Mike Pellegrino joins BVR to discuss how both these challenges and other, unforeseen obstacles are changing early-stage valuation and what new obstacles every appraiser should be aware of when approaching such a firm.