- Talented employees
- Good product
- Interesting problems
- No corporate hierarchy/org nonsense
- Liberal policies ("no, you don't have to ask your manager about PTO for a doctor's appointment or whatever, of course not")
But without all of the other negatives (distracting environment, asking employees to give up their nights for outings, etc.).
For example, my company has a giant beer fridge. We also have uncomfortable chairs and flimsy, wobbling desks, and a rattly old air conditioner. We don't have dual monitors. The beer fridge does not improve productivity in any meaningful way. The other things harm it. Yet, we still spend money on the beer fridge instead of improving out environment, because #startup #crushing, or whatever.