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An 18-month-old biotech software development company seeks seed money to develop DNA sequencing software. The entrepreneur is a scientist / software engineer who is convinced that the Human Genome Project, which started in 1990 as a $3 billion effort co-ordinated by the US Department of Energy and the National Institute of Health to identify and categorise the tens of thousands of human genes, will result in a major demand for his product. His company however, has great difficulty convincing potential investors of the company''s potential due in part to the technical detail of his work as well as his sometimes overly aggressive personality. Finally, Peter has a promising meeting with an early stage venture capital company, headed by a person familiar with not only the highly specialised science of the Genome Project but also the enormous financial possibilities. After the meeting and while the venture capital company considers the investment, Peter reflects on what is the proper valuation for the company considering the future possibilities. The teaching note includes strategies for the case presentation, key concepts, solutions to the assignment question in the case, and suggestions for the most effective ways to work this case into a course.