Rick Baker, co-founder of Australian venture capital firm Blackbird, says investors should look for true product-market fit when trying to value technology companies without revenue. “The number of users and growth are of course very important and then it always comes back to involvement. We really look under the hood at how people use (the technology). Before you have a product that people really love, it's crazy to spend time, money and effort trying to grow it because you're growing something that people don't like.”

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