The key things for me in evaluating this would be... a) How much is the opportunity cost? You've got to balance the pay cut with how much experience you're go

The key things for me in evaluating this would be... a) How much is the opportunity cost? You've got to balance the pay cut with how much experience you're going to get, because in 99% of cases, even if the startup does well, you're not going to get rich. b) What's the vibe of the team like? What's their pedigree and track record? Will you enjoy working with them for ridiculous hours? Will you learn from them? c) Do you believe in the product? Even if it's something unsexy, does it offer an interesting challenge? Some of the 'sexy' products are also very unfun to work on by the way. d) Are they approachable? Do they care about their employees? Are they being open an honest in how equity and salary will work? Do they offer the basic, but important, perks like half-decent health care, free soda, and company outings? A gut feeling is usually pretty good indicator of whether it will work for you or not.