Growth. In my world of venture capital, we hear all the time that growth drives value. It is how some investors justify putting sky-high valuations on companies that are growing, but not yet making any money. Consider Zynga, which lost $209 million in 2012 — but is still valued at about $2 billion because of the cash it raised and because its revenue is still growing. On the other hand, there’s Groupon, once lauded as the “fastest-growing company ever.” Its stock price peaked weeks after the company went public in 2011 and is down about 80% since. The market has come to question whether its growth can be sustained, and with what underlying earnings.