I've noticed that whether people believe equity can be valuable or not is almost 100% correlated with whether they know anyone personally who made f-you money from it
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People are pushing that advice because loads of startups have taken advantage of employees for years giving them barely minimum wage in exchange for equity and than it turns out that even the equity has convoluted terms etc.
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What’s the Expected Value, though? I mean, “don’t buy lottery tickets” is also really good advice, unless the lottery ticket was a winner, in which case...
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99% of the time it works every time. Or just go to faamg and get equity that’s real
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It is a solid rule for people most likely to be taken advantage of.
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Equity offers are far too often stingy and liquidity events aren’t a guarantee of common stock being valuable. Reading Venture Deals by Mendelson/Feld solidified this conventional wisdom for me.
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Wouldn't have mattered; Domo raised $600m+ and is worth about the same. The options were worth close to $0 because the company was a relative failure at the point of IPO, not just because the employees got screwed
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In today's $ environment, I don't think it makes sense to take a below-market salary for any series A+ company. My advice is "get a fair salary you can live comfortably on and negotiate equity" b/c the outcome is primarily driven by your hire grant.
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Agreed. This is yet another area of startup comp where the (moderately) well-to-do get wealthier. Only people with previous savings can/should maximize equity package vs cash. Only people with previous savings can early exercise their options to buy freedom.
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