What are the advantages of working for a pre-IPO company?

I've been looking into several, and while they all seem to have great cultures, some are lacking in providing the benefits (401K, ESPP, etc.) that you can get at a more established company. What am I missing here?

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A lot can depend on funding. Bootstrapped, vs series A vs series D/E makes a huge difference. The well funded late stage will have a lot of cash to offer and likely better benefits but you’ll miss out on cheaper equity

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I've worked at C and D stage startups, and now a B. I've always had full healthcare for me and my spouse, a 401k, a FSA/HSA, life insurance and other benefits. Start up life has been way more stable than I expected- I switched from a career in education. The only thing I don't have is a union and I like it that way!

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A lot more opportunity for accelerated career growth. And, of course, some serious potential in terms of profit sharing in the future. There are, of course, risks as well.

You may have more room for innovation in your role at a pre-IPO company.

I love early stage work, I'm addicted.

Cons: no 401k (boo hoo) and a somewhat lower salary

Pros:

Orders of magnitude less BS, politics, infighting
Challenging, keeps life interesting, never repetitious
Potential huge upside if you succeed

I think the benefits to do tend to be pretty comparable. But the biggest reason is that you get more growth and you can pivot really easily into different positions

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