[nedwin]

The challenge of not having taken funding as well is that you can't use your last valuation as a bench mark.

ie they offer you $1m, you can't say "Well, that's far below our last valuation of $5m" or "in order to make our investors from our last round whole, at an absolute minimum, we would need to meet our last valuation of $5m".

Depends what you're optimizing for. Price is only one factor.

[AznHisoka]

That's true. Most companies though just shouldn't cave in to those arguments. They should respond with "Pfft... you want us to meet this imaginary paper valuation even though your revenue and technology doesn't even support it.. go ahead and fail, and get $0 from it."