I see basically two kinds of equity compensation.<p>The first is &quot;what the founders have, but less of it.&quot; It&#x27;s very difficult for the founders to make a boatload of money off the company without also compensating you. These have some sort of value - if the founders want to make $10MM off it, you&#x27;re getting something like $100K.<p>The second is everything else. There&#x27;s an obvious incentive to screw over the &quot;founders don&#x27;t have this&quot; class of equity, so I value these at zero. This includes the vast majority of stock options.