> the equities I'm negotiating as employment are probably worthless.
In this phase, it is all about spread. VCs and the likes invest in, say, 100 startups, because they know only one needs to success so they can write off the other 99.
You, as employee, however, cannot work at 100 startups and get paid in equity. So statistically, the equity you receive from the company you work now, is quite probably worthless.
At least, that is how I treat it: nice addition, interesting to keep me and my co-workers focused on revenue, but statistically worthless in the long run.
Well done!
And that's a humbling reminder I'm crap at picking startup unicorns and the equities I'm negotiating as employment are probably worthless.