I only ever value equity in terms of "percentage of the founder's share". That is, if it isn't the same kind of thing as what the founders have, then there isn'

I only ever value equity in terms of "percentage of the founder's share". That is, if it isn't the same kind of thing as what the founders have, then there isn't anyone negotiating on your side to keep it valuable, so it's probably not worth anything. The golden question is "if you get an exit that makes you $10m, how much money does that mean for me?"