Here's an idea. Expect some differential vs the biggest cashflow established companies vs a middle/small company, but don't take a paycut vs a reference of an established company. The equity should be an bonus attractor, but odds are it will be worth nothing. So the opportunity cost is the cut x number of years, and for that you're buying 1.8% equity with pays out in a 1/10 instance (and maybe not in any significant amount even if it does pay off). If the non-financial aspects appeal, then fine, but realize you're paying for that difference.