Well not quite. If a startup offers me $800k in equity over 4 years, I'm fully invested. If it doubles in a year, I'm now earning $400k in equity a year for ne

Well not quite. If a startup offers me $800k in equity over 4 years, I'm fully invested. If it doubles in a year, I'm now earning $400k in equity a year for next 3 years rather than $200k. (I recall my investment) If it dies after a year, I only lost $200k, not the entire $700k.