That's a tough game- the startup lottery- and there are professionals playing. Sure a few people manage to win and become millionaires by being there when it all started. But far more common is the scenario where the employees take "equity" over salary based on this dream, and the equity evaporates in later funding rounds.
Here, employees get regular bonuses based on how well the company is doing. Everybody is sitting on the same side of the table. And if the company is profitable, employees win- a situation that is not always the case with stocks.
I think a system that is much more fair to the employees is this what Peldi's doing at Balsamiq: http://blogs.balsamiq.com/team/2011/09/12/profitsharing/
Here, employees get regular bonuses based on how well the company is doing. Everybody is sitting on the same side of the table. And if the company is profitable, employees win- a situation that is not always the case with stocks.