No matter what type of PTO policy your company has, if your leaders don't take time off, they are showcasing to their employees that neither should you.
Taking time off reduces burnout and allows people to recharge and come back energized. We all have significant others at home, whether that's your spouse, your children or your pets. If your leaders have a PTO policy, even an unlimited one, but they showcase to employees that they are heroes for never taking time off, they are indirectly making employees feel shamed for taking time off. Startups work harder than any other organization out there but if they aren't allowing their teams to recuperate and they're romanticizing no time off, this will not only burn out your teams but also create a work culture that is unsustainable.
I have worked at startups for over a decade and I never gave up any of my PTO vacation days because I knew that I would come back more energized and patient than if I never took time off at all. Leaders need to set the example straight from the top. That starts with the founder/CEO and then trickles down to the executive team. What do you think?