I think an American reader would expect a startup to almost always offer equity, but it's a language/culture-issue.

In English: startup, the: Early stage company with allegedly high growth potential offering equity instead of cash, based on the idea that will be a good deal if it really takes off.

In German: Startup, das: Small tech-company, usually Berlin-based, hipster culture, offering coolness and alleged skill development instead of cash, also fruit baskets and tabletop football.

Of course the glamour of a German Startup is heavily based on equivocation between those two concepts.