As you correctly point out, the business has no customers. Wouldn't it be a less risky proposition if it had commitments from potential high-value customers?
(N.B. I said "less risky", not "risk-free".)
Without more information, I think you are in better position to judge that. But, commitments without any contract is something very volatile.
As you correctly point out, the business has no customers. Wouldn't it be a less risky proposition if it had commitments from potential high-value customers?
(N.B. I said "less risky", not "risk-free".)