The most expensive equity we give out isn’t to investors — it’s to everyone else.

I listen to Founders stress all the time about how much equity they are going to give to investors (and they should stress!). They pine over whether they are giving up 12% vs. 15% in a Pre-Seed round, because they are so afraid of giving up too much equity.

Yet when it comes to giving out equity to everyone else — Co-Founders, Advisors, and Employees — they give that shit away like it’s Monopoly money.

If Founders are really worried about dilution, it’s not investors they should be worried about. At least with investors, we know what we’re getting. If they give us $1 million for 15% of our company, we know we got the value. But for everyone else, it’s kind of ...