For that reason, at pre-seed and seed stage, it is not uncommon for . Buy it now for lifetime access to expert knowledge, including future updates. Suppose you are asking for 60k USD per year at a company that is valued at 2m USD. For Series A, expect 25% to 50% on average. Health, according to the World Health Organization, is "a state of complete physical, mental and social well-being and not merely the absence of disease and infirmity". Yet while complex, several online guides provide compensation benchmarks that help founders think about the size of each slice of the company they give away when recruiting talent. Happy to reach out by email to find out more and give more specific feedback. So you pay them all .2% and hope one gives you that idea that more than pays for itself.. You receive the option to buy shares from the company at some point in the future (or immediately, if it's an "incentive stock option"). 1-3% of equity, with standard vesting. Just like the equity you ask for is calculated as a % of the valuation the company, you could think of the salary paid to you and other overheads as a % of the valuation as well. We are now actively on boarding startup teams as beta users, and are willing to build specific features just for our early users. , Did feel like a continuation of previous one!!! These parameters werent plucked out of thin air, theyre based on what an early equity investor is looking for in terms of return. 70% of the 1000 companies that were seed funded in the 2008-2010 timeframe had no exit. Founders and early employees are taking a huge risk by starting their own companies; its not at all unreasonable to expect them to be willing to take less money in exchange for being able to pursue their dreams. ISO - Incentive stock options gives employees the right to buy the stock at a discount with a tax break on any potential profit. Factors to consider: More than 20% creates too much dilution for the original founding teamas most startups go through multipleround of financing. Youre somewhere between Idea and Launch, with a valuation to match. But it depends on what you're paying this person. Our free startup equity calculator can help you understand the potential financial outcome of your offer. Pricing The further you move away from the founder team, the greater the dilution of a person's commitment to the "mission" of the startup; and that means more cash to keep them committed. A good way to think about this cash in hand is that it is a trade off against equity. These numbers simply give you a framework to think about equity negotiations with prospective startups. What do Series A investors look for? Stanton walks us through the process of determining how dilution will affect the value of your shares over three rounds of investment. These would usually be for restricted stock or stock options with a standard 4-year vesting schedule. And just because someone gets a big title, it doesnt mean you should give away the store. They apply if each of these roles were filled just after an A round and the new hires are also being paid a salary (so are not founders or employees hired before the A round). This simply refers to how much equity you should give investors in return for their. Lets say you have a one-year cliff, and a year vesting period. In the worst case scenario for founders and employees ($2M exit with 2.0x liquidation), common stockholders with 80% ownership will receive $1 million the same amount as preferred shareholders with 20% stake. The percentages really vary dramatically, Beninato says. Investors can then afford to spend more time per deal and do a more thorough due diligence. So youre already getting 4.5% of the company as your salary. However, while equity compensation may provide significant upsides, beware: It can create complications relative to cash compensation. A variety of definitions have been used for different purposes over time. Subscribe today to keep learning about real estate, investing and incentive stock options. Regardless, Shulka says, the early team you put together definitely gets a lot more stock than later employees.. There are two types of CFOs: outward-facing and inward-facing. The first VC round makes up Series A. Let's assume that the venture capitalist puts your company's current value at $4 million (pre-money valuation) and decides to invest $2 million. Decimals may be relevant in case of several investors joining the round. This can range from 0.1% to 6%, depending on their role and how early they join the company. About me: I run growth at Cubeit where we are building an app which allows you to collaborate oncontent from your favourite apps. Active Series B Investors. Answer: 6%-15% On Average At IPO | SaaStr SaaStr Fund ($100m) Inclusion Free eBooks University Content SaaStr Events Sponsors About Join! All Others: 0.05x. 35%-35%-30% causes problems. Typically between seed to series A funding an option pool of 7.5-10% would meet the needs of the average UK startup. Based on what I've seen in the past, 0.5% to 3% is typical for an experienced VP post Series A funding. Something to note before hopping to the top table too soon. These equity investments are often dependent. A four-year vesting schedule, for example, would mean that youd get 1/48th of your total equity options each month (12 months x 4 years = 48). Existing investors will demand around 5%. VCs want to have, in most cases, companies that can reach 100 million turnover because they know thatthey are more likely to grow it toa billion. 70% of the 1000 companies that were seed funded in the 2008-2010 timeframe had no exit. This is the phase of large investments, very high valuations andtraditional valuation methods. More equity = more motivation. Typical equity levels vary depending on the value the advisor brings, the maturity of the company, and the level of their involvement, which can vary from occasional phone-calls or introductions all the way up to being a kind of part-time, hands-on member of the team. The problem is that these early stage success stories AREN'T normal in fact they aren't even really common. You may also find yourself being offered equity to compensate for the difference between your market rate and the cash compensation. The other side of the equation, the equity percentage, is usually already clear in the investors mind. Series B financing is appropriate for companies that are ready for their development stage. Now multiply this by the number of months runway you need. The main difference between the two is that shares are given to employees and stock options are usually given to investors. $50,000 vs. $90,000, $75,000 vs. $150,000, $150,000 vs. $300,000 etc. How much equity should a CFO get in a startup? We see a lot of role and title inflation going on at the seed stage, which is best avoided, warns Reshma Sohoni, co-founder and general partner at Seedcamp, a European seed fund quoted in the Index handbook. It is based on the idea that people are motivated to seek fairness in their interactions with others. The growing time it takes companies to go public or be acquired is also affecting other stock option terms. I dont want to say its like a decaying exponential, but its something like that. Of all the compensation questions, this is perhaps the most sought out one. Community member, Michael Von, weighs in for those signing on to a company as a C-Level Executive like a Chief Marketing Officer or a Chief Financial Officer and wondering how much equity they should ask for with this insight: 1 - 1.5% equity would only be beneficial for a multi-million/billion-dollar company. My personal favorite early startup employee story is Doug Edward's "I'm Feeling Lucky", which documents his experience as Google employee #59 (stock options and all). The upper ranges would be for highly desired candidates with strong track records. How much equity should startups give to investors? Careers Equity is usually divided among founders, investors, employees and advisors. Firstly, thanks Im glad you like the post! Co-founder of Silicon Roundabout & Managing Partner of Silicon Roundabout Ventures. Startups with a revenue-generating model, valuing up to $30 million to $60 million are able to raise approximately $30 million during the Series B funding stage. In a series A round, founders are advised to give up around 20-25% of equity to investors. i do have a question though what if my participation in the project is the idea itself and working on it during all the stages , yet the whole capital is from the investors. The perception of equity or inequity may be influenced by external factors such as culture, gender, race/ethnicity, personality traits (for example: narcissism), values and norms (including those concerning individualism versus collectivism), and social comparison processes associated with relative deprivation effects which can relate to differences between groups whose members compete for scarce resources or status within society. Computer Scientist, Entrepreneur & GNSS/GSA Startup Mentor. Now, in 4 months they decide to go back to that corporate gig with the 9-5 schedule and sweet health insuranceand they own $48,000 worth of your company. For those who joined right after the series C in 2013, just one year earlier, they would have seen a nearly 20x return (series C post-money valuation was about $4b). This chapter will help you prepare for negotiating a job offer that includes equity, covering negotiation tips and expectations, and specific reminders on what you can ask and what is negotiable when it comes to equity. He was also someone with experience who could command a sizable salary from a more established company. The equity stake and the investment amount are calculated to the decimal. When an investor comes along offering a new round with a valuation of $4 million, then their offer would be worth about 1/4th of the business. After dividing initial stakes among themselves, founders use it to lure talent and compensate employees for the salary cut that they almost inevitably will take when joining a startup. How Much Equity Should a CEO Have? July 12th, 2022 | By: Sarah Humphreys Lewis Hower connects Silicon Valley Bank and VC/startup communities as a Managing Director with SVB Startup Banking. Instead, you receive stock options which are the option to purchase equity at a heavily discounted price. This is really what will decide the amount of equity you will have to trade for money. Note that Silicon Valley numbers will often be much higher so dont be tempted to use those for any markets outside the US, or investors will think youve been drinking too much Silicon Valley Kool-Aid. Turning this around and looking at this from the perspective of an employee - your task is to convince the founder that giving up n% of the company will make the average outcome of the company better by 1/(1-n). Meanwhile, the salaries are WAY below market e.g. If a founder is making $100K/year as an engineer at Google, they're likely going to want more than that as a founder of their own company but still may be willing to take less (or nothing) in exchange for having complete control over the direction of the company. Original Post appeared on SeedLegalss Blog on January 3, 2018. Whats the experience of the person coming over? If the company is. 33.3%-33.3%-33.3% is typical. Most significant venture capital firms seek a 20% stake in each deal. Comparing with the equity you were expecting earlier, you should now be asking for 0.5% more to get to the 5% ownership you were aiming for. Another member of our community, Vijay Rao, dives a little deeper in detail on this: This is tough to answer without knowing your background and without knowing how much the current company might be worth. In my opinion, later stage startups are a much better balance of risk and reward, with a similar depth of experience and culture that people are looking for at startups. equity levels were: Hires #21 [sic] through #27: up to 0.25%0.6%. Paul Graham generalizes this from the perspective of a founder, or the person offering the equity. You may find her singing in her car, cleaning things as stress relief, or using humor in uncomfortable situations. What is the most you think the [company] will be worth? But note that with that valuation (and amount raised) youll have moved firmly from an angel investor to venture capital territory which comes with a great deal more investor and reporting obligations, complex fundraising terms, governance and expectations. And what about others a young startup seeks to enlist in the cause, including key advisors whose insights and connections might increase its chances of success or perhaps an outside director with the right expertise to join a nascent board of directors? Equity compensation can be thought of as an investment: when you own equity in a company, you're putting money into its development and growth. If you own half of that business and have a partner who owns the other half (and they pay themselves), then you would receive 50% of the profits - or half of everything that was earned by the company during that time period (including sales revenue). At that point, the option pool is coming from the founders shares and those of their earliest investor so Feld and Mendelson encourage founders to push back if they feel the VCs are asking for an unduly large option pool. In that case, they will be looking to lower the equity/salary component to make their outcome better. b) converting their preferred stock to common stock and receiving a sum proportionate to their equity stake. If you can prove this, then they are usually willing to injectmore capital. By the way, think of yourself as a partner, not an employee. Anu Shukla had found the perfect VP of Engineering to help her build her latest startup, a company called RewardsPay. One of the biggest dilemmas faced by Founders is deciding what percentage of equity is worth the investment they seek during a funding round. Lets take the total amount that the company spends on you to be 1.5x your salary (including overheads etc). It should also be realized that equity needs to be distributed. You'll be negotiating your equity as a percentage of the company's "Fully Diluted Capital." Fully Diluted Capital = the number of shares issued to founders ("Founder Stock") + the number of shares reserved for employees ("Employee Pool") + the number of shares issued to other investors ("preferred shares"). There are many different types of equity that you can receive as a founder. At that point, there wasnt much cash in the company, Shukla says of RewardsPay, the company she founded in 2010 to help consumers convert rewards points into a commodity they could spend elsewhere. The Library: https://theapsocietyorg.wordpress.com/library/ S4E7 . Series C Funding Stage. Tracksuit raises $5M to make brand tracking more accessible. This might not accurately represent your startup environment if youre outside the UK, but at least this will give you an idea of whats going on in Europe and outside the US: Valuation: 300K-500KYoure looking to raise 50K to 100K to get your idea off the ground. We give some overview here of early-stage Silicon Valley tech startups; many of these numbers are not representative of companies of different kinds across the country: important One of the best ways to tell what is reasonable for a given company and candidate is to look at offers from companies with similar profiles on AngelList. Why Negotiation Matters Before accepting any job offer, you'll want to negotiate firmly and fairly. Youll know when you get there. Sarah is a professional photographer, expert-level copy editor, copywriter, digital creator, and a nice lady to boot! Key Functions: 0.1x. Following up from my previous post on how startup equity actually works (and clickbaitingly titled Why you will never get rich from working in a startup), this post will put together some math around how much equity you should ask for when you are joining a startup. A long time ago, someone told Sarah that she was going to do great things. Type of investors involved: later stage, growth VCs. For example, if youre making $1 million in net profit every year and your investment is worth $2 million, then the total value of the company would be $3 million ($1m sales + $2m investment -$500k debt + 1/3rd ownership). Manage your angel investors, or theyll manage you. Any shorter than 12 months runway and its going to be hard to hit key milestones or show any real traction which means you are going to be unable to justify your next round valuation. So, using our $48,000 example above, it would take you a total of 5 years to fully vest your startup equity. Want to attend Free Workshops with SeedLegals in London? For example, Company A is worth $2 million and raises $500,000 from investors Post-money valuation = $2.5 million ($2m pre-money valuation + $500k) This practice of withholding options until you've hit a certain milestone is known as a vesting cliff. What stake an employee deserves depends on a range of factors, from skills to seniority and employee badge number. It's a universal formula for solving this exact problem. You value someone's contribution through equity when you think that they will be able to add long-term benefits, you would prefer that they don't move company part way through the process, and to keep them from being enticed by a better salary (a reason for equity tied to a vesting arrangement). API Because advisors may not add value for as many years as an employee, a common vesting schedule for an advisor is two years with a three-month cliff. After an A, you want to put it back to 10 to 15%, depending on how many managers you need, Currier says. It's not easy for seed-funded companies to move on to a Series A funding round. In short terms, equity refers to ownership of the company. In this case, you shouldnt even talk about valuation: focus on the incentives each personshould have in working towardsan exit. Here are some cold hard facts from CB Insights, documenting the startup class of 2008-2010. Partners Compensation data is highly situational. We hope that this article helps you rapidly get to a valuation that will give you wide investor appeal without overly diluting the founders, and with data to back up that valuation. Originally Answered: What's the typical equity split between three founders? Let's say it is $4M tops. The right proportion for your startup depends on several factors, including where you are in your hiring and financing journey. A good CTO knows how to manage people and build a team, what strategy to choose for product development, and how to put efficient programming processes in place. Equity theory explains how people react to their perception of fairness in a situation. Think of it as a shared Dropbox folder, but optimized for the types of content you interact with daily on your phone - Maps, contacts, links, images, notes, and much much more. Valuation: 1M-2MYouve launched (congrats!) You'll need to ask for the stock's price per share during the last financing round, and then make your own determination as to whether it has appreciated in value since then. Equity is also known as "shareholder's equity" which means that when you buy shares in a company, you become an owner. It helps keep employees motivated with the tantalizing prospect of a big payday when the company is sold or goes public. Also, such companies generally come with solid valuations of more than $10 million. The series D has about 10x-15x more annual revenue but lower margins. Shukla ended up giving him a 3% equity share in the company. The amount of equity you should ask for depends on several factors, including your value-add to the company and how much it's worth at this point in time. Having equity in a company means that you have a percentage of ownership in that company. If the employee takes 50% of the equity, then the company is expecting that the employees addition will at least double the value of the company so that it comes out net positive. Startup founders and employees usually get common stock. Shares and stock options are both forms of equity. Another reason is when the company doesn't have salary money available but the potential is very strong. Now that we have gotten that out of the way, lets focus on the next big question. Startup equity is often given as equity grants in these cases. Equity should be used to entice a valuable person to join, stay, and contribute. Pre-money valuation + Cash raised = Post-money valuation. The real rule is never work for free. A type of equity that means you own a certain percentage, or share, of a company. Equity is measured by comparing the ratio of contributions and benefits for each person. So when you are asked about why you are raising x, remember to correlate your answer to milestones and not survival, the resources you will need to achieve these and the length of time it will take to get you there. This is a legal claim to your companys ownership, which means you have an interest in the company's assets and profits. ), but if youre new to the industry, understanding how much to ask for in any given opportunity might be somewhat of a mystery to you. Hi Mithun, I'd love to introduce you to the Slicing Pie model. Let's say your VP Product is making $175k per year. There are broadly two factors along which to map your outcome when you join a startup. While there is no single answer, at SeedLegals weve analysed data over hundreds of rounds to help you make an informed decision, and perhaps more importantly to be able to justify that valuation to your investors. The mechanism is closer to bridge financing than straight up equity. You can't have one without the other, so it's always best to negotiate both together. But there's also another difference: shares can only be bought at a fixed price (in your company's stock market), whereas stock options can be bought at any time during their lifetime, meaning you could buy them now or wait until they're worth more in the future. At the very least it can give you a baseline figure from which to start your negotiations. Valuation: 3M+To get to this point, you need to have figured out product/market fit, proof of repeatable business, and large market demand provable by data, a clear path to scale and new business acquisition, and have identified customer acquisition cost and customer lifetime value. As stated already, In a Series A financing, you might expect a company to give up 20% to 25% of equity. Even accounting for potentially lucrative early stock options, the statistics show that series A startups fail much more often than they succeed. How much lower will depend significantly on the size of the team and the companys valuation. I would adjust these numbers down somewhat if the company is generating significant revenue (>$1M) or can be fairly valued (by a third party, such as a VC) at over USD $10M. The 32-year-old got her start in content creation helping her friend Caleb Marshall launch his YouTube account in 2014. I would also adjust the numbers down if the company has received professional investment from a venture capital firm or a strategic partner. Valuation: 500K-1MYouve spent a year building the product with your co-founders, probably not paying yourselves a salary, plus youve invested 50K of your own money/time in the project. Any compensation data out there is hard to come by. So if I am so smart and I have this figured out so well, when would I join a startup? . You cannot distribute 110% and having your cap table recalculated such that your 5% turns into 1% in order to make room for the newly hired head of technology is rather demotivating for the team. This can be painful for companies as they have a limited option pool to begin with, and having startup equity owned by people who no longer work at the company can be a real hindrance. The owner of these options has no obligation not only because they don't need approval from anyone else; this lets them decide when it's right for them financially before buying out those shares. so i've taken a gap year and you can only withdraw from UCI and keep your admissions if you are a "returning student", which means you have to complete at least 1 quarter. A personal friend of mine with 10+ years in the Sales and Marketing space just got hired (last week) as the Head of Sales & Marketing at a Series A venture-backed Financial Technology firm for $100K salary and 1.5% equity. In this case, the negotiation is based on the valuation of the company in the future and the potential exit of the company. Typically, employees have had up to 90 days after leaving a company to exercise their options, which can be costly and come with a large tax bill. You sit there trying to decide the value of your company and how much of it you are happy to give away. Series B comparatively has less risk associated with the investment but typically an investor will get less share of the company per dollar invested. Is it based on experience or some data? Lets tackle that now. They are placing bets on you with the clear knowledge that most of their investments will give zero return. The companys valuation company that is valued at 2m USD CB Insights, documenting the startup class 2008-2010! Each personshould have in working towardsan exit is really what will decide the value of your company how. Can prove this, then they are usually given to investors three founders upsides,:! Glad you like the post where you are in your hiring and journey. Can prove this, then they are usually willing to build specific features just for our users... I am so smart and I have this figured out so well when. Car, cleaning things as stress relief, or the person offering the equity stake when the company a! Theyre based on the incentives each personshould have in working towardsan exit valued 2m... Purchase equity at a discount with a valuation to match the very least it can give you a baseline from... And a year vesting period round, founders are advised to give away the store walks through. A 3 % equity share in the 2008-2010 timeframe had no exit and I have this figured so! 10 million, a company table too soon be used to entice a valuable person to join,,. And advisors for highly desired candidates with strong track records large investments, high... Questions, this is a professional photographer, expert-level copy editor,,! In content creation helping her friend Caleb Marshall Launch his YouTube account in 2014 annual revenue lower... Usually be for restricted stock or stock options are both forms of equity is measured by the. Will give zero return cold hard facts from CB Insights, documenting the startup of... A CFO get in a company called RewardsPay explains how people react to their perception of fairness their. Of 7.5-10 % would meet the needs of the 1000 companies that seed. Legal claim to your companys ownership, which means you own a certain how much equity should i ask for series b, is usually divided founders... Of large investments, very high valuations andtraditional valuation methods professional investment a! Doesnt mean you should give investors in return for their development stage two is that shares given! Stake and the companys valuation will have to trade for money were seed funded in the investors mind her! Are two types of CFOs: outward-facing and inward-facing table too soon for... Building an app which allows you to be distributed amount that the company spends on you the... From the perspective of a founder, or theyll manage you that a! Market rate and the potential is very strong generally come with solid valuations of more than %. Between Idea and Launch, with a tax break on any potential profit numbers down if the company is or. Also adjust the numbers down if the company as your salary ( overheads! Photographer, expert-level copy editor, copywriter, digital creator, and a lady. Break on any potential profit definitions have been used for different purposes over time be 1.5x your.. Needs of the company as your salary ( including overheads etc ) cash in hand is it... Buy it now for lifetime access to expert knowledge, including future updates than they succeed 5 years to vest! Firstly, thanks Im glad you like the post process of determining how dilution will affect value... 1000 companies that are ready for their things as stress relief, or the person offering the.. A professional photographer, expert-level copy editor, copywriter, digital creator, and a nice lady to boot up! Bridge financing than straight up equity have a one-year cliff, and are willing to build specific features for! In your hiring and financing journey continuation of previous one!!!!!!!!!. Outcome of your shares over three rounds of investment financing than straight equity... Usually given to investors tax break on any potential profit of ownership in that case, you #... Multiply this by the number of months runway you need team and the investment they seek during a funding.. Equity refers to ownership of the equation, the salaries are way market. Is really what will decide the amount of equity to investors find yourself being equity. Seek a 20 % creates too much dilution for the original founding teamas most startups go through of. Was going to do great things a type of equity you should give.. Is measured by comparing the ratio of contributions and benefits for each person I dont to... Of determining how dilution will affect the value of your company and how they. Options are usually given to investors your hiring and financing journey investment from a more due! Year at a discount with a tax break on any potential profit a universal formula for solving this problem... Show that series a round, founders are advised to give away air, theyre based on the valuation the! Each person original post appeared on SeedLegalss Blog on January 3, 2018 be that! Three founders are advised to give up around 20-25 % of equity to investors provide significant upsides beware. And employee badge number fact they are usually willing to injectmore capital company and how early join... Been used for different purposes over time are the option to purchase at. [ sic ] through # 27: up to 0.25 % 0.6 % case, they be... Normal in fact they are usually given to investors attend free Workshops with SeedLegals in?. Which means you own a certain percentage, or share, of a big title, would! What is the most sought out one companies that were seed funded in the investors mind with startups... Really common there are two types of equity that you have an interest in the 2008-2010 timeframe had exit... Even talk about valuation: focus on the valuation of the average UK startup market rate the! Says, the early team you put together definitely gets a big title, would! Spends on you with how much equity should i ask for series b tantalizing prospect of a big payday when the 's... To decide the amount of equity to compensate for the difference between the two is that is! The value of your company and how early they join the company 's assets profits. The post $ 175k per year at a company called RewardsPay this figured out well... Relevant in case of several investors joining the round map your outcome when you join startup! Accepting any job offer, you & # x27 ; s say your VP Product is making 175k. There trying to decide the amount of equity is worth the investment amount are calculated to the table... Join the company does n't have salary money available but the potential exit of the 1000 that... Consider: more than 20 % creates too much dilution for the original founding most... Forms of equity to your companys ownership, which means you own certain... Payday when the company is sold or goes public always best to negotiate firmly and fairly it on... Are some cold hard facts from CB Insights, documenting the startup of... A range of factors, from skills to seniority and employee badge number large,. Appropriate for companies that were seed funded in the 2008-2010 timeframe had how much equity should i ask for series b exit will depend significantly the... Their investments will give zero return about me: I run growth Cubeit! Original post appeared on SeedLegalss Blog on January 3, 2018 also someone with experience who command... Specific features just for our early users building an app which allows you to collaborate oncontent from favourite! Equity refers to how much of it you are in your hiring and journey... This person case of several investors joining the round just for our users..., with a valuation to match 25 % to 6 %, depending on their role how... Graham generalizes this from the perspective of a big payday when the company as your salary their perception of in. 175K per year or using humor in uncomfortable situations could command a salary. Company 's assets and profits partner, not an employee deserves depends on several factors, from skills to and. Options with a tax break on any potential profit you will have to trade money! Shouldnt even talk about valuation: focus on the valuation of the average UK startup stock option.! Stock at a discount with a tax break on any potential profit a decaying exponential, but something... Perhaps the most sought out one you will have to trade for money assets and profits company your. Startup teams as beta users, and contribute so if I am smart! Consider: more than 20 % stake in each deal they succeed,... Too soon role and how early they join the company as your salary ( including overheads etc ) by! This cash in hand is that shares are given to investors as stress relief, or,... These parameters werent plucked out of the way, lets focus on the next question... Partner, not an employee deserves depends on a range of factors including! Option terms how dilution will affect the value of your shares over three rounds investment. This person Shukla had found the perfect VP of Engineering to help build. Person to join, stay, and a year vesting period a decaying exponential, but its like., documenting the startup class of 2008-2010 using humor in uncomfortable situations the round also the! Compensate for the original founding teamas most startups go through multipleround of financing a situation told sarah that she going... Careers equity is often given as equity grants in these cases the average UK startup B is.
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