None. VC firms like YCombinator pioneered the "liquidation preference" whereby the gains that used to accrue to startup employees now go entirely to the venture

None. VC firms like YCombinator pioneered the "liquidation preference" whereby the gains that used to accrue to startup employees now go entirely to the venture capitalists. In short, the startup lottery is just a fiction now, perpetuated by VCs to create an endless treadmill of labor.