1.1 Billion Profiles!!, page-137

TDA,

Didn't call anyone 'stupid' that would be rude.  I have myself been called a few names but no harm done.

In my humble opinion, and in trying to answer your question as sustinctly as possible - the key issue facing the company, apart from a come of other things is the VALUATION (pretty important) and justifying it.

Regardless of what an enterprise software says are bells and whistles are of it's product, all enterprise companies are valued the same way.  And lets agree on this - 1-PAGE have stated they are in the enterprise software market.

So if you're in enterprise software ie Workday see Google Finance is a good HR focused enterprise software product , valuations, even for large established players like it are between 8-20x annual recurring revenue (ARR).  Workday itself is going $800m in revenue and has a market cap of $16bn.

So if you have a company market cap of $250m, such as 1-Page  you'd have to say to yourself, "gee wizz there's a lot of forward looking revenue that the market is doing at the moment to get to that valuation and the company and sales team better hid their revenue numbers over the next 12-18 months otherwise that valuation is looking a little shaky".

When I invested in Xero at around $5.50-$6.00 in 2012 at a $500m valuation, and it was doing $20m in ARR. This valuation was still on the high side given it was competing against Intuit and MYOB.

It then quickly ran to $40.00 on the back of what the market thought it's ARR's would grow to, but obviously the market go a little ahead of itself with FUTURE revenue growth projections to justify the $40.00 share price and the stock price fell to $15.00.

So the crux of the argument here isn't about the product and what it can do, there are many great enterprise software products, but at the end of the day they're all valued based on ARR revenue.