I've always thought that equity was motivation for joining a startup more than motivation to work hard once you've joined. It serves as a way to make up for a l

I've always thought that equity was motivation for joining a startup more than motivation to work hard once you've joined. It serves as a way to make up for a lower salary both directly—potential money is still, virtually, money—and as an excuse for yourself. There is often a lot of mental and social pressure against taking lower-paying jobs, and equity is a handy way around that which helps you make the plunge if you have other reasons for joining (culture, product, technology... etc). So I, at least, wouldn't be surprised if equity doesn't get you to work harder or longer, but does help you join the startup at all.