>> Equity is a good bargain right before the next funding round — when cash balance is low and founders pay with shares. I don't think that's true in general.

>> Equity is a good bargain right before the next funding round — when cash balance is low and founders pay with shares. I don't think that's true in general. If it's right before the next funding round, that's when terms can change to wipe you out (whether it's a down round or multipliers). I guess on-paper it can look good ("oh the valuation just increased 5x overnight!"), but it can do some pretty nasty things to your options' "value".