The other good reason is that you might enjoy the experience more than you would enjoy the stultifying, oppressive, slow-moving environment of a big corporation. That's why I keep doing it: I'm not expecting to get rich, I'm just trying to live a good life, and it's proven to be much easier for me to do that when I work for a startup.

I value startup equity at ~$0, but if the salary is enough to live comfortably, that's fine.

I don’t think that’s entirely correct.

You need to work with good people. There is no substitute for ethics.

Also you need not go for roles where they offer .3 % and make a big deal about it. Don’t take less than 1% minimum and as soon as two years pass by and you have carried your weight start looking for a new job. If they value you they will bump you up. It they don’t you will bump yourself up by going for a new job. And don’t be afraid to go for competitors if you believe in the value of the space.

The startup I work for keeps my employment because they keep bidding competitively with the investment banks I would otherwise work for.

They have the cash, if you have the leverage. Use it.