Yes, I'm glad I'm not the only one who thinks the economics of it are a little bit broken. I will never join another start up as employee #1. I'd much rather come into a larger start up with a high cash comp + equity, than very low cash comp, worked to the bone.

The other thing no one talks about is founders tend not to dilute themselves, but often early employees are diluted heavily.

Someone once told there's only two times to join a startup: as a founder, or the year before they go public.