[flog]

So should this mean talent should be discounting equity when negotiating deals with still-private companies? If so, how much?

[neelm]

Yes. Not always easy to answer. Some factor of revenue growth, margins, how much capital the company has already raised, understanding the burn rate, how much has been spent vs dry powder, liquidation preferences assumption. Probably a lot I'm missing. There should be an easier way for a prospect to simulate a cap table with a simple set of assumptions.

[avn2109]

A good first approximation is to regard your after-tax equity upside == 0 in all ventures that you didn't found.