[balls187]

> What's it based on, if not an actual curve of growing revenue?

It seems common knowledge enough that budget and revenue forecasts for seed stage start ups aren't going to be precise or very accurate. For investors, that part of a pitch would be meaningless.

"We forecast 1.2 in revenue by our 2nd year."

"How much revenue do you have today?"

If they had prior success, they could raise a round on that, otherwise it would be the standard pitch: size of opportunity, here is what we have so far, here is our team and how great they are.