The document discusses start-up valuation from a venture capitalist's perspective. It outlines various valuation methodologies used by VCs, including the venture capital method. This method involves estimating a company's future net income, assigning a P/E ratio to calculate a terminal value, discounting this value, and determining required ownership stakes based on targeted returns on investment. The document also provides an example of how VCs would interactively value a start-up company using projections of its income statement and cash flows.