[johnrob]

Your risk reward equation doesn't account for preferences. There are a lot of folks out there that would be turned off by a 0% chance of a big exit, which is what 250-500K/year is. Every startup offers a tiny chance of fame and fortune that a normal salaried position lacks.

[ig1]

Even if you want a chance of a big exit, it makes more financial sense to just put 20% of your salary into angel investments every year.

Sure there are other factors at play such as lifestyle, corporate culture, etc. But when it comes down to hard money startups can't compete with investment banks.