This is the true value of any software-based business, not the code.
A pithy statement that is like candy to VC ears, but falls down if you think about it even a little.
Nobody is going to buy Adobe for its client list.
A pithy statement that is like candy to VC ears, but falls down if you think about it even a little.
Nobody is going to buy Adobe for its client list.
How much would the code of say Photoshop be worth if the entire Photoshop team were to leave and set up a competing business?
An early stage company that barely has any code? Yes, in that case, it's the team that matters because they haven't fulfilled the vision yet.