refine stage – n : the fourth stage of the Venture Value Chain. In the Refine stage, companies should focus on creating consistently cash-flow positive, self-funding operations. The company should be managed for predictable growth in revenue and profitability. Public companies such as General Electric, Microsoft and Wal-Mart are masters of Refining. These companies consistently grow revenues (sales growth, or top-line growth) and profitability (earnings growth). Mastering the Refine stage can lead to higher valuations in the Liquidity stage, the final stage of the Venture Value Chain.

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Adapted from "The CompanyCrafters Entrepreneur's Dictionary"
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