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I'd take the $195k. I'm too old to deal with the startup grind and instability. Would maybe consider taking a flier on it if I didn't have kids, but I do and that makes me incredibly risk averse.
I would need a lot more information. Is there flexibility at the startup? Potential to move around? Is the large company stable? When was the last round of layoffs? 25K is a lot, but you have to make sure everything works for what you are looking for.
Rising Star
170 with a startup! Better growth prospects and equity can be added if the company is doing well.
Chief
At those salaries, I would pick what fits your lifestyle and what other benefits you value. Is one remote or hybrid? Does one have a longer commute?
Chief
It depends on risk appetite and life stage. 195k base offers stability. 170k plus meaningful equity offers upside and volatility. I would evaluate runway, burn rate and personal financial cushion before deciding.
Startup equity can always be diluted into nothing. Take the cash.