DILUTION IS ALWAYS A TOUGH ISSUE FIRST TIME AROUND for most entrepreneurs and Angel investors. Remember, all of nothing is nothing, and less of a bigger pie is more valuable. Founders should take care (do the sums and argue your position) to ensure that they and key staff have enough stock to keep them motivated going forward. Try and avoid at all costs any anti-dilution clauses (for anyone), as they will almost certainly cause problems in later rounds.