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Do you realise that you've argued that nobody should choose to work at an early-stage startup?

Your salary is below market rate, but not when you include variable pay, in startups, and in my proposal.

Yes. Nobody except founders should work at an early stage startup. Anyone else is likely throwing their time away at below market rate. Remember, most startups fail. You're advocating for treating the job as a lottery ticket. Might as well make market rate and invest in companies where you have better information.

That's your opinion. There are people who'll accept lower salary and higher variable pay, and for them, my suggested option is no worse than working at an early stage company in terms of risk. Actually slightly less risky, since they don't have to worry about the company going bankrupt, they'll have a comfortable office space, a prestigious name on their resume, their relatives will be impressed by it, etc.

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