Nice one, though the big drop is mostly late stage.
Seed and Series A only moved about 3 points in four And for Series C median went from 13% to 9% (almost 50% less!)
So it's less a "founders sell less every round" story and more that the later rounds dropped a lot.
Stock options were the part of my first startup offer I understood the least, and probably the part that mattered most.
Over time I collected a few resources that actually explain how ESOP works. Sharing my top ones below.
Last one, and a good place to end: an equity guide written for employees at fast-growing startups, not for founders or investors.
https://t.co/gLeCCVXXBV