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If possible, do NOT take Kleenex equity from a startup in lieu of cash. If they’re raising, your stake will get diluted to nothing in no time. If they’re not, and they’re “seedstrapping” to some more modest ARR, you’ll be waiting ages to see any kind of liquidity on those shares.
Either way, offering you equity saves them up-front costs and costs you an indefinite and uncertain wait for any return.
10%+ in cash comp and what they give you in equity is an added bonus.
Move and proof yourself. Nothing happens in comfort.
This depends on whether or not you believe in what the business is doing.
If you can't bring yourself to justify devoting a portion of your life to the development of an idea, then it likely won't work out in your favor. It's in the startup's favor to choose the best people for the few jobs they have, otherwise they won't succeed because the leverage each employee/partner has on the performance of the company is so much greater for a company so small. Devotion and skill, I believe, are the main determinants for whether or not you take this step.
They are confident in you and are betting their lives on their idea, are you confident in both yourself and them?