Public statements notwithstanding, more business plans in Silicon Valley are built around technology than around customer relationships. It’s just the way it is; we’re talking about technology companies, right? The problem is that, given time, all technology either becomes obsolete or a commodity. With the increasing pace of technological change, this is happening sooner rather than later. The risk in building on technology rather than customer relationships is that you are never more than a wrong turn or two away from putting your business survival at risk. Customer relationships provide your business with more options, and strong relationships can be very forgiving of the occasional misstep, meaning your business is more resilient and your plans can be bolder. Further–and perhaps even more important–technology-centric business models limit your offerings and growth potential, so they are associated with lower valuations over the long term.