You're right, I do need to support my hypothesis with more data. Consider another data point:
My dad works for a government contractor where the profit / margins are fixed, so essentially a "limited" growth company. He's been employed for over 30 years.
Why has he stayed? Because he can work 40 hours a week. His pay is good (EOY bonus is tied to a project success). He holds a position of value (to him not just to the organization). In his career he has seen more product failures than successes, but his successes were large, and he uses the knowledge from each to consult other projects in the organization (eg, he feels valued).
My takeaway is to look at your career in totality - it goes beyond equity and a worthwhile project because in a long career, you'll have many worthwhile projects and many that are not. And for the vast majority of startups, equity is worthless. It also includes interaction with team members and how you want to shape your company's future, and how your company wants to shape yours.
My dad works for a government contractor where the profit / margins are fixed, so essentially a "limited" growth company. He's been employed for over 30 years.
Why has he stayed? Because he can work 40 hours a week. His pay is good (EOY bonus is tied to a project success). He holds a position of value (to him not just to the organization). In his career he has seen more product failures than successes, but his successes were large, and he uses the knowledge from each to consult other projects in the organization (eg, he feels valued).
My takeaway is to look at your career in totality - it goes beyond equity and a worthwhile project because in a long career, you'll have many worthwhile projects and many that are not. And for the vast majority of startups, equity is worthless. It also includes interaction with team members and how you want to shape your company's future, and how your company wants to shape yours.