I agree that something in the cap table has to give, but I don't think it's founders. It's investors.
Psychologically, I would also make sure those "early employee founders" really risk something; even if it's just securing $20K of their savings in a bank account to be used in a pre-approved way if the company needs to make payroll. $20K is, after all, just 2 months of gross salary for your self-determined great engineer applicant.
Doing something like this has 2 benefits:
1. Applicants self-select for risk tolerance.
2. You avoid the spoiled kid syndrom of "co-founders" making all types of employee requests ("I need $6K for a top notch working station", etcetera.)
Psychologically, I would also make sure those "early employee founders" really risk something; even if it's just securing $20K of their savings in a bank account to be used in a pre-approved way if the company needs to make payroll. $20K is, after all, just 2 months of gross salary for your self-determined great engineer applicant.
Doing something like this has 2 benefits: 1. Applicants self-select for risk tolerance. 2. You avoid the spoiled kid syndrom of "co-founders" making all types of employee requests ("I need $6K for a top notch working station", etcetera.)