You get the feeling that whoever wrote that article has never dealt with a VC before. The truth is you use every and any method to try to make your valuation seem higher, and the VC’s will use every and any method to shake their heads and explain why your valuation simply must be lower. It honestly doesn’t matter what the number you start with is, because the VC will always try and make it lower, so start high and come up with plenty of reasons to justify it. Then, just get other investors in on the bidding process, and your valuation will stay up high.