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Why is everybody so eager to give away equity?

The big reason to not have a cofounder is because 100% of a two million dollar business can be life changing. Half of that is more like a feather in your cap.

Paul Graham and VC firms are looking for billion dollar businesses. 5% of such a company shared here and there doesn't matter so much. But those sorts of businesses present shitty expected value to a founder. You want full ownership of a higher probability bet.