I would add that there is some added risk (impossible to quantify) to being an early employee in 2018 as it seems that we are coming to the end of a macro cycle

I would add that there is some added risk (impossible to quantify) to being an early employee in 2018 as it seems that we are coming to the end of a macro cycle. Therefore the likelihood of a positive outcome (or surviving follow-on rounds) for a start-up in a down environment is lower than if it was earlier in a cycle. The obvious caveat being that if this bull market continues - this point is moot.