I think you're mixing two separate questions here that have easy answers when asked in isolation (bias disclosure: I founded a startup, and have worked at sever

I think you're mixing two separate questions here that have easy answers when asked in isolation (bias disclosure: I founded a startup, and have worked at several startups). Q1) Why would anyone accept a below-market offer (financially) without some non-financial benefit to offset the difference? Answer: one shouldn't, and I doubt anyone does. Q2) Why would some people perceive non-financial benefit in working at a startup vs a big company? This question (emphasis on "some people") almost answers itself. In fact, you already gave one reason: greater relative supply of interesting work. In any case, the financial value of personal experiences is subjective. As a factual matter, one shouldn't assume that all startups make below-market financial offers or require longer hours than high-quality big companies. From your description, it sounds like you'd entertain a market-level offer from a startup doing interesting work that let you stay wherever you're currently located. Such offers exist; many of the startups I've worked with had important remote team members paid (SF) market-level wages.