The Venture Edge

 You've just been hired as a project manager at ABC Start-up, a new media company. Because it's a start-up, you're given a relatively low salary in addition to stock options (the right to purchase stock at an agreed-upon price at some future date) that look promising because the founder says she's expecting to complete an IPO in the next 3 years on a valuation of at least $500 million. That's exciting!   Before you get too excited, however, (Wow, that means my 1% of the company will be worth $5 million in three years and I can retire at the ripe old age of 26), you might want to consider some red flags and a little item called "dilution."