But we do allow for the stadium properties indirectly by applying a range of possible multiples: high ones for a good stadium available on favorable terms, lower ones for a run-down stadium or one available on poor terms.
The startups that really get hosed are going to be the ones that have easy money built into the structure of their company: the ones that raise a lot on easy terms, and are then led thereby to spend a lot, and to pay little attention to profitability.
She collected data on 761 manufacturing firms operating in Spain, examined which ones were foreign hands and what their innovation output was in terms of new products introduced in the market.