Absolutely this. All comp evaluations should start from what you could reasonably expect (salary + annualized stock) at a public company.
Startup comp is a little different; salary + the value of equity at (a reasonable) exit (but derated by a healthy 80%, because 80% of all startups fail, right?) It might also be wise to discount for any difference in preferred shares vs. common stock.
This might just be my personal experience, but I feel like a lot of people don't derate startup equity for (the statistically expected) failure correctly.
Startup comp is a little different; salary + the value of equity at (a reasonable) exit (but derated by a healthy 80%, because 80% of all startups fail, right?) It might also be wise to discount for any difference in preferred shares vs. common stock.
This might just be my personal experience, but I feel like a lot of people don't derate startup equity for (the statistically expected) failure correctly.