[mildbow]

This is one of the benefits of being a founder with YC/well-connected VCs.

Even if you burn though millions without figuring out a market, you will land on your feet (if you are on the executive team). Your employees? Not so much.

My words may sound negative, but my point is: most people who are working at startups should seriously consider starting one instead.

[brogrammernot]

*should start one or join a late stage startup who is still offering equity

N=1, but a friend has done this twice as a product manager with joining late stage startups, getting a decent amount of equity/stock and then the company has IPO'd.

I agree with your point though, the risk/reward for most early employees who are not part of the founding team is not worth it. You'll work just as hard as the founders with a fraction of a fraction of the payout compared to the founders