Startups often promise future wealth and ownership through equity compensation—yet for many early employees, these offers yield little financial return. This raises a fundamental question: how do symbolic framings of compensation shape candidate behavior under conditions of uncertainty? Embedding a field experiment in the live recruitment cycle of an early-stage climate technology startup in India, I randomly varied how equity offers were presented to job applicants: either as a chance to co-own the company, as a chance to invest in the company, or in neutral legal terms as simply receiving employee stock options. I find that symbolic framing systematically influences who applies, what compensation they seek, and how they interpret their prospective role. These findings show that equity can act as a symbolic sorting mechanism—shaping who engages with an opportunity, how they negotiate terms, and how they imagine their relationship to the organization. The study contributes to research on startup hiring, symbolic management, and the meaning of compensation, demonstrating how organizations foster commitment and identity through narrative cues, even when material outcomes remain uncertain.