Common Stock Employee Syndication 
Agile VC
APRIL 17, 2011
5) High Productivity: Kayak had 148 employees at the end of 2010. That means that Kayak generates roughly $1.15M in revenue for each employee which puts it in the same league as Google and Apple (both >$1M/head). One can infer valuations based on per share prices of preferred stock and oustanding common shares (~5.3M
www.paulgraham.com
APRIL 28, 2010
The reason is that employees are investors too—oftheir time—and they want just as much to be able to cash out. Ifyour competitors offer employees stock options that might make themrich, while you make it clear you plan to stay private, yourcompetitors will get the best people. Theres only common stock at this stage.
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Agile VC
FEBRUARY 2, 2012
3) Employee Stock Purchases Are a Near-Term ATM - Facebook has issued a combination of stock options and more recently restricted stock units (RSUs) as compensation to employees. To put that in perspective, Facebook’s overall operations (which are highly profitable) generated about $1.5
Professor VC
JULY 25, 2013
I''m a strong believer in fairness (although my daughters may not agree) and investors and entrepreneurs working together as a team to create something valuable to all stakeholders (customers, employees, founders, investors). AngelList (which I remain a big fan) also recently launched a syndicate program.
Austin Startup
AUGUST 1, 2017
This is most clearly highlighted in the “unicorn” boom we all saw over the past few years, where founders raised very large rounds, with terms very onerous to the underlying common stock, hoping they could eventually justify billion dollar valuations to skeptical acquirers or public market investors.
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