Can ECV method be used to value pre-revenue companies?

Typically, a pre-revenue company is valued using a combination of financial and non-financial methods viz.: Venture Capital (financial) Dave Berkus (non-financial) Scorecard (non-financial) Risk Factor Summation (non-financial) etc… From the above methods, it seems that the valuation process is more about rationalizing subjective decisions to be taken due to unavailability of financial data. While we ...