Seed companies don’t seem to be priced as businesses with intrinsic value derived from future cash flows. Rather than venture capital, they seem to be a proxy for the human capital of the founders and early team.
Isn't it fascinating that Megacorps target OSS Adversarial Interoperability Maintainers with legal threats while VCs refused to fund them.
Meanwhile one-step removed startups (e.g texts.com/beeper) get handsomely VC funded (while relying on those same OSS Adversarial Interoperability projects) and these Megacorps refuse to go after them with the same threats?