It seems like a lot of talent gets hired now at later stages and for big cash packages, with most of non-founder equity going into VC hands. Is this my observation, or is this the reality we've been living in for the last 10+ years?
My extremely limited experience says you are correct. Even my company has started investigating VC and M&A even though they have been very adverse to it in the past. It seems they will only do it if they can secure a controlling interest (which seems to imply that opportunities for VC controlling interest, or basically early buyout, are available).