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I am now on my third startup and have never seen a dollar from my option grants, but I am forever optimistic. I would hate to be in a job where I didn't have at least some component of equity comp. I wonder if that's rational of me? Would love to have the data to show whether or not it's an economically rational decision in aggregate to prefer equity-based comp for startup employees vs. just asking for cash.
I'm in the same boat as you. But to play devil's advocate for a moment: it's clear that equity based comp is a better deal for the founders/principals than it is for the employees, especially later (post C and beyond) employees whose equity compensation is but a rounding error in the options pool.
Accessible educational content could help level the uneven negotiation plane that is later stage startup/employee compensation decisions. I don't know if this is the video that could reach the masses, but it's a good start... or, attempt, at least. Maybe?
Because money is not the final purpose.. maybe in a utopia, money is only a tool to reach something else. Like John Lennon, I am a dreamer but I'm not the only one.
We want people to vote for a story because they personally found it intellectually interesting, not because they or their friends or employer have something to promote.