You don't believe in the startup, right? So the likely fate is that you'll work hard for a year at discounted wages and then the company fails. You are being a

You don't believe in the startup, right? So the likely fate is that you'll work hard for a year at discounted wages and then the company fails. You are being asked to make an investment -- extra work for less money -- so think like an investor, not like a worker. In this situation, a VC would probably ask your friend to come back when he has a prototype or can show more traction. You should do the same. Take the job with the established company, at least for now. No need to slam the door, though. Tell your friend that his idea sounds farfetched, but that you'd be interested if he could show some real progress -- an actual client or a working prototype. You should be able to part on decent terms.