Why does it suck to be them? If all goes well their options will be worth something. If it doesn't they'll have no value - that's how equity works. If you want

Why does it suck to be them? If all goes well their options will be worth something. If it doesn't they'll have no value - that's how equity works. If you want guaranteed, predictable outcomes, negotiate for a higher salary in lieu of equity or go work for a company that isn't on the VC rocket ship. The founders are also taking a huge risk by taking on a liquidation preference >1x... if everything doesn't go well they could be completely wiped out or substantially diluted, as was the case with Blue Apron.