For startups, growth is important. Yet everyone downplays the true indicator of a company's value: cash flow. It makes sense, given that VCs are often betting

For startups, growth is important. Yet everyone downplays the true indicator of a company's value: cash flow. It makes sense, given that VCs are often betting on big buyouts. This is the "castle in the air" theory. At some point, I think the pendulum will shift into investing in companies, that while they may not have cashflow here and now, at least have the potential to generate cash.