The best many non-founders can hope for is a cushy acqui-hire deal. I've had several friends have the startups they worked for acquired, and their equity was w

The best many non-founders can hope for is a cushy acqui-hire deal. I've had several friends have the startups they worked for acquired, and their equity was worth nothing due to valuation and unfavorable liquidation preferences. They got a nice hiring package from a big company, but not significantly better than one can get from applying on your own. And the opportunity cost of taking a below-market wage for several years probably nets out to a loss in pure dollar terms.