I’ve walked the path. Developers won’t develop anything good for $200k, but they will if you give them attention, care, events, and hope. I literally have to refrain myself from giving higher raises, because I’ve made people rich in the past and they’ve stopped being motivated. The more you pay them, the more they have the thrill to play competition.
(Please watch me if I don’t give them fat equity for the exit event, God, they deserve it).