You are believing exactly what investors and VCs want you to believe. You aren't escaping wage slavery, you are just substituting a different slavemaster. Wake up.
There are billions of people on this planet. Do you think that the ones who aren't in Silicon Valley startups are all miserable? Their lives aren't worth living?
Ok, but more specifically. Let's say you want to lead a creative existence, working with technology, and you love the SF scene so much you just have to live here. You don't need to be in a startup for that. As they tell you to be frugal with a startup, be frugal with you life and all sorts of possibilities open up.
I know a number of people living in "hacker homes" where they drift in between working on startups, technology jobs, and then working on projects that just interest them. Sometimes they'll take an entire year off work to do something with no monetary gain, like a Burning Man or an open source project. You might have to live in an less desirable area with a lot of housemates, but once your rent is sub-$1000 and you cook most of your own food, you can live for an entire year once you've pulled off a couple of consulting gigs.
You're young, and I presume you don't have a spouse or kids, so this option is very possible for you.