^^ This. Plus, the employee is coming on AFTER a substantial fund raising round, and should not expect the same terms since the company is already validated (an

^^ This. Plus, the employee is coming on AFTER a substantial fund raising round, and should not expect the same terms since the company is already validated (and capitalized); thus, the "investment" risk is reduced. I also agree with the other posters: "paycheck" employees are not good hires early on in a startup.