in the hope that one of them takes off so I don't think the idea that one can quit is missing from the discussion.
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The article conveniently hand-waves that away, which is a non-trivial dismissal.
Something else I'm curious about is how much 7 or 10 year exercise windows change attrition (compared to 90 day).
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Ben implies that startup attrit is because people rationally walk away from options they can keep, but in fact most people lose options...
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...when they walk and they still do it. Most unicorns, even ones not having their valuations marked down, have (IMO) high attrit
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Empirically, the almost all unicorns have 90-day exercise windows and attrit is still v. high, so attrit cannot be as claimed in article
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Despite living in diff locations and having diff social circles, I think we know >= 1 person in common who's walked away from a lot of
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AFAICT, startup attrit happens in spite of income-maximizing decisions and not because of them.
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