Well if you're getting paid a salary, it's not the case that it's riskier for you. You get to enjoy some of the benefits of a startup (culture, equity, etc) without having to go through the period where you're living on credit card debt and ramen.
If the difference between a founder and an employee were, say, 5x to 10x the equity, being an employee may make sense, but if it's 100x-400x range it just makes the employee stock options look pathetic.