[exstudent2]

If you do that, you're only going to get an offer slightly above what you currently make. Even if you're way above market, it's worth having them make the first offer. You can potentially negotiate it well above your current compensation from there.

[abofh]

If cash is your only metric, I agree. When I'm negotiating for equity at a startup, what the "big boys" paid is a good metric for my expectations on equity+cash comp -- I understand you can't give me "big boy" cash, but "funny money" is very near free - so let's talk percentages...

[exstudent2]

I would still insist on them making the first offer. If they offer $X /year and Y% of equity in options, you can still say:

Y is going to have to come up quite a bit since X is too low.

When they make the first offer you have all the options. When you make the first offer you may inadvertently undercut yourself.