A startup is a huge risk regardless, so if I take a job at at a startup I want to be compensated for the risk. Even if I’m cleaning it fetching coffee. That doesn’t have to be equity but pay needs to be better than if I took the same job at the megacorp across the street, because the risk of suddenly being without a job when the company goes bankrupt is much smaller.
I would gladly accept lower pay at a startup than working at a megacorp.
In my view, the fact the megacorps offer better job security and still have to pay a premium for employees, just show that the jobs aren't that attractive/enjoyable etc.
If you are paid market rates, your career perspectives in the line of business you are in are typically not stellar and your career prospects improve by working in that company no matter how it does you are not taking a risk.
