These companies create a network of peers in which the participants interact and share in the value creation. Examples include Microsoft, Oracle, and Amgen. Technology Creators: These companies develop and sell intellectual property such as software, analytics, pharmaceuticals, and biotechnology.Examples include United Healthcare, Accenture, and JP Morgan. Service Providers: These companies hire employees who provide services to customers or produce billable hours for which they charge.Examples include Ford, Wal-Mart, and FedEx. Asset Builders: These companies build, develop, and lease physical assets to make, market, distribute, and sell physical things.Because today’s highly valued, fast growing businesses can be found in almost every industry, we quickly moved past standard industrial classifications and developed a new framework based on business model, which is the principal way an organization invests its capital to generate and capture value. To begin, we searched for a simple way to characterize the different types of business that were engaging the hearts and minds, and pocket books, of investors. In collaboration with Deloitte, we examined 40 years of financial data for the S&P 500 companies to see how valuations trends have evolved along with business models and emerging technologies. Are they more profitable? Do they see faster growth? Do they have higher return on assets and lower marginal costs? Leaders of more traditional companies are left wondering why these upstarts merit such high valuations. These companies represent a new trend in the types of business that investors prefer. Most recently, Alibaba’s IPO raised funds at a value approximately 10 times revenues. Taxi-replacement service Uber is currently raising funding and is expected to see a valuation of $30 billion, estimated to be more than 15 times revenues. raised funding at a valuation of $10 billion, which would make it worth nearly 20 times its revenues - and worth more than Hyatt Hotels or Wyndham Worldwide. Cloud-based sharing service Dropbox received venture capital funding at a valuation of $10 billion, or 40 times revenues. WhatApp’s valuation may be extreme, but huge gaps between revenues and valuation are increasingly common. When Facebook acquired the messaging service WhatsApp for $19 billion in the spring of 2014, the question on everyone’s mind was, does the service really merit a valuation of almost 20 times projected revenues?
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