[meterplech]

Agreed. Valuation is based on sum of future profits - so essentially how profitable the business can be AND how big it can be. If

1) Ratio of fixed to marginal costs is high you have economies of scale, and will get much more profitable as you grow (software vs consulting)

2) You can capture revenue quickly because it's operationally simple to add customers (e.g don't need to hire with each dollar of revenue) you are more likely to reach that profitable scale faster.

If your company uses tech to achieve (1) and (2) then they should have high valuations. If you happen to use cool tech but don't have economies of scale or easy operational growth than how you brand the company shouldn't really matter.