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“Early employees take on pretty much just as much risk as their founders do, but for a fraction of the equity. Now, with startups jumping to unicorn status in sometimes as short as a handful of months, that risk-reward ratio seems to be even more off-kilter”https://twitter.com/TechCrunch/status/1150067428833017856 …
Either this market is wildly inefficient, or you are mistaken. And in fact it is the latter. Early employees don't take on anything like the same risk as the founders. It is a scary step to start your own company, even now.
50x how scary it is join 5 person company?
Being employed means you are guaranteed a stable income no matter what, you can leave at any time and if you are any good probably will be rewarded with stock options. It’s a risk/reward scenario even though the contrasts can seem huge in unicorns.
Not even taking a huge pay cut which is literally me paying for equity? Angel investors investing the equivalent dollars get better terms
You negotiate your own terms for employment
Not as scary as spending years underpaid.
How about not getting paid at all?
Exactly! By the time the employees come onboard, they’re paid market wages, enjoy benefits, and most of the risk of individual failure is gone. Even if the company fails, most employees can find jobs almost instantly in the current market.
This. Employees get a salary, founders usually don't get any positive cash flow for a year or more, after investing (usually!) several years salary or more.
Perhaps there is a misunderstanding here about the definition. Many times early employees start with the company launch on day 1, underpaid, with promises and explicitly told the company is in distress and joining is risky. Distinct from round 3 funded etc.
For sure there is a risk spectrum from founders to employees 1 through 100. I would argue that the spectrum is much less linear than is commonly believed though
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