I think regardless of whether what you say is correct or not - there is another benefit you are missing, the same one that Unity brought to game development - i.e. removing the developer as the bottleneck / gatekeeper…
As far as I know - investment amount / % shares of company - so if your cap table has total 10% for 100k it's a 1 mil valuation - whether an investor is willing to bet that is a different matter however :)
I think regardless of whether what you say is correct or not - there is another benefit you are missing, the same one that Unity brought to game development - i.e. removing the developer as the bottleneck / gatekeeper…
As far as I know - investment amount / % shares of company - so if your cap table has total 10% for 100k it's a 1 mil valuation - whether an investor is willing to bet that is a different matter however :)