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Refine Stage Definition

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.

Adapted from "The CompanyCrafters Entrepreneur's Dictionary"
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