Should I join a Seed startup for equity?
Only if the risk-adjusted expected value of the equity (probability of exit × proceeds after dilution and tax) compensates for below-market salary. Model conservative and base cases, not just best-case exits.
Engineer Equity at Seed Stage
Seed is where equity grants are largest as a percentage — and most uncertain in value. Engineers joining at £5–15m valuations often receive 0.15–0.5% depending on seniority.
Your package
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Early employee vs first engineer
Employee #1–5 may receive 0.5–1.5%+ at Seed. Engineer #20 might see 0.1–0.2%. Always ask for fully diluted cap table context — headline offers mean little without pool size and founder ownership.
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