I think you're discounting the other benefits of working at a startup vs. a larger company. More freedom, more high-tech, more excitement. This pays you back as well.
> I think you're discounting the other benefits of working at a startup vs. a larger company
False dichotomy. There are plenty of smaller non-startup companies that pay well and offer everything else you mention without asking you to gamble your salary on a big payday.
Not everything is just a cash value.