I don't think it's quite as grim as that. A founder that has taken a business to $100M with a credible chance at another 10X growth period is now CEO of a subst

I don't think it's quite as grim as that. A founder that has taken a business to $100M with a credible chance at another 10X growth period is now CEO of a substantial company. Companies of that size rarely just blow up with all equity becoming worthless. Salaries, bonuses or even equity sale can put some lump some in the founder's pockets. It certainly can turn out better to take the early money, but it's not necessarily risking it all.