[amirmc]

I think Spolsky's point is that it's more unfair to redistribute equity when one person has decided not to draw salary. 'Salary' might give the wrong impression since I assume it's just enough money so that you don't starve.

The point about the risk of default is real but I wouldn't say that 'deserves substantial additional compensation'. If they're putting in substantial funds then yes, that's more like investment but if we're talking about comparatively small sums (as I believe Spolsky was referring to) then I see it as less of an issue. Presumably, all founders have aligned interests. Also, you could argue that founders still have the opportunity cost of not taking those high-paying job in MegaCorp.