This is a good question. One way to answer this is to think of what I would want from the startup experience: 1) A chance to work with great people. This is

This is a good question. One way to answer this is to think of what I would want from the startup experience: 1) A chance to work with great people. This is by far the most important thing. And since a startup typically has only a few people, the chances of one of them being 'not great' is pretty small, as there is no room to hide. 2) The idea has to be in an area that appeals to me (opportunity cost of working on something that isn't interesting should be considered). 3) The work environment - this goes back to 1) again. More clearly, working with smart people who you actually like hanging out with would be ideal. Perks and stuff doesn't really matter. The salary should be competitive, but I wouldn't really care 10-20% either way if the above conditions were satisfied. But at such an early hire level, a good chunk of equity would be a must (perhaps not for an intern, but something to think of if/when you decide to bring them on full time).