This is one of those HN-isms that I think isn't right at all. Having worked at early stage companies, growth-stage companies, and in big tech:
1. What is the risk? From where I'm sitting, layoffs seem to be happening at all company sizes. At least early stage cos typically are pretty transparent internally so you know where the business stands.
2. Compensation is lower than $BigTechCo, no doubt about it, but it's competitive with other companies for folks early in their career.
3. Early stage companies are more fun! Ask your friends, you'll find that the $BigTechCo ones dislike their job but feel the weight of the golden handcuffs, and the $EarlyStageStartup ones love their jobs (but wish they could get $BigTechCo money for it!). Personally after the nth re-org, project cancellation, and executive temper tantrum I was ready to leave $BigTechCo.
4. You don't get founder equity, but the first 10 employees certainly get $LifeChanging outcomes on >B+ exits.
5. I worked the same number of hours at $ShittyBigCompany, $ExcitingEarlyStageStartup, $FamousBigTechCo, and current $GrowhtStageStartup (in fact, maybe a bit less now that I have kids). YMMV!
In terms of expected value, completely agree that it does not match BigTechCo total comp.