I don't agree with the point about later stage options:
But what this misses is that you don't get paid in percentage points - you get dollars. A $100 share going up 20% to $120 means you make $20 per share. A $5 share going up 100% to $15 means you only make $10 per share.
If you join a larger company, the shares will be more expensive but you will own less of them. Percentage growth is definitely the way to measure opportunity when it comes to options. In other words: (how much I might earn) / (how much I have to pay).
But what this misses is that you don't get paid in percentage points - you get dollars. A $100 share going up 20% to $120 means you make $20 per share. A $5 share going up 100% to $15 means you only make $10 per share.
If you join a larger company, the shares will be more expensive but you will own less of them. Percentage growth is definitely the way to measure opportunity when it comes to options. In other words: (how much I might earn) / (how much I have to pay).