Most of my startup jobs have paid market rate. The shares and options have compensated for the risk, not a lower salary.
I'm sure some accept lower salaries, and certainly the salaries won't be comparable with the very top end of the market, but most people don't work in the top end of the market.
A startup that tried talking me into a massive cut without offering me basically founder-level share amounts would be an instant red flag.
Those employees are just as responsible for the company’s success as the founder is; it sucks to see them get shafted while the founder walks away with “fuck you” money.
If you want "returns", you're better off getting a stable, higher paying job and investing the excess in public markets. You have diversification and liquidity.
And, as I've said elsewhere, startup salaries are rarely on par with the industry average. Working at a startup is typically sold as "you'll be paid less, but if we sell you'll get a payout to make up for it".
