If the only valuable asset of the company is the talent, and the talent is composed of at will employees, then the company doesn't have a valuable asset. The e

If the only valuable asset of the company is the talent, and the talent is composed of at will employees, then the company doesn't have a valuable asset. The extent to which the equity-holders can reasonably expect money is the extent to which the company-held IP is valuable in and of itself (or, to a lesser extent, valuable when combined with the expertise you get by hiring the team).