No, you're not out of water on that. 20 - 40% is way out of bounds, even on very large VC-backed companies. 15% is a good median. Some do go higher but use the

No, you're not out of water on that. 20 - 40% is way out of bounds, even on very large VC-backed companies. 15% is a good median. Some do go higher but use the option pool to issue portions of the founders' equity, but that's rare.