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I actually started doing this when I worked at a 3 person start-up. In a small team I want someone who's also interested in the actual idea we're working on, not just any random developer. It helps that being excited about the idea/platform/etc also helps attract engineers at lower salary than bigger companies.

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In that case - kudos for being able to clearly explain what your company is about and who the founders are. It usually takes me at least a meeting with the founders to get excited about a company.

When trading salary for equity, it's not just about being excited about the idea, it's also about being excited about the founders ability to turn that idea in to a product, business and eventually an IPO or M&A.

You know, I have to admit that at an early stage startup like that, if I were taking cold applications I'd read the cover letters too. Like you say, attitude and passion is so important at that stage and relationship is so important that it's more like an intro at a dating site.

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