I'm not a founder so can't talk from experience, but my gut feeling is that there are not many key hires (in an early startup there are not many hires altogethe

I'm not a founder so can't talk from experience, but my gut feeling is that there are not many key hires (in an early startup there are not many hires altogether, but this just reinforces my point if true.) The best strategy is to realize which employees are key to the success of the company and give them proportionately higher equities. Not every early employee deserves a 12-20% even if they're "not just coders".