I'm saying if Steve Jobs today said, "I'm leaving Apple and starting my own company. As of today, I'm the only employee of this new company."
He comes to you and says, "I'll give you 50% share for $20" you'd say, "No. Since you don't write code, the company is only worth -$200k".
Let me cut to the chase. Valuating companies with stupid formulas, leads to stupid valuations. IMO.
You don't say, "non-programmer equals -200k". You say, "What do they bring to the table? Oh, you have Bill Clinton on your team and you're trying to do a government services startup -- that's a pretty big plus, even if Bill isn't coding". "You're doing a Clicker like company and you have the ex-CEO of Comcast. Maybe a plus". "Doing financial services software, and you have the ex-head of IT from BofA... maybe useful, even if he is 'just' IT".
In fact, I'll say if you have a startup company in front of you who doesn't know how to judge each individual, pass on them. They'll fail.