> if I was the founder with a huge equity stake
A few startups have reached out to me to be a founding engineer. The largest equity stake offered was 3% for being employee #2.
This kind of equity is batshit insane to me. These very early employees are much closer to co-founder than to a typical employee. I wouldn't demand to split the founder's equity with me but 3% seems pretty low to their 50% considering they're asking that I essentially be a founder but with <1yr delay. Unless I completely misunderstand startups, there's a lot that matters far more than the first year. At this low of a rate it generally makes more sense to go work for big tech where you'd get (near) guaranteed profits and much greater work life balances.
TBH, the low equity to founding employees makes me almost think there is a conspiracy to disincentivize people to work for them. I mean you see these 0.5-2% numbers seem crazy. It's got to be a real "unicorn" company for you to make more money than you would at the big tech. I imagine it's got to end up with a lot of bad feelings too. I mean let's say that 3% gets diluted to about 1% while founder has 50% and gets diluted to 20%. Is their value 20x more than mine? Don't get me wrong, if we got to a real unicorn and did like a $10bn IPO I'd be happy with my $100m, but I can imagine a lot of people feeling ripped off seeing the person they worked neck and neck with become a billionaire.
I agree, 996 is insane. Like the author said, pulling an all nighter just results in the next day being unproductive. I think of it like going to the gym, but with your brain. You can't become a body builder by just lifting weights every single day and pushing yourself to the limit every day. That only results in injury. It can be worth it for a short period of time, but I think we've also created this weird situation where no one sees that it is not worth it for anyone but the founder. IMO, if you want a successful startup, one of the key aspects is that your founding members need to be as dedicated as you. And I just don't think you're going to get that kind of investment if you're pricing yourself as 20-50x more valuable than them. It just seems doubly bad and I can't figure out why we've normalized such situations.