What this signals, in my experience, is that if these founders someday run out of money—and almost all startups do—they will likely revert back to not paying themselves, while still pushing the company forward with their effort, in order to save the business (and your investment). These are my people, the hustlers and the builders. As the world figures out you’re an angel, you will be crushed with a legion of founders who want your backing, and most of them will not be the “sweat equity” type.
