If you want the really good engineers from those companies, they're often making more than $120k - they can be making up to $160k.
Speaking as an engineer who has already been pitched at by others working on startups due to my formidable scalable productivity in my domain (while only being in the Bay area for 4 months), I prefer the security of a good salary and a good amount of stock. It would be very hard to convince me to leave without offering some level of immediate financial security.
Note: I work at a startup that raised a Series A round - I was offered $140k + signing bonus & generous stock options. I believe the company has been very happy with my results so far.
I'm a decent engineer; not top 10% necessarily, but maybe in the top 25% and certainly well above the median. I earn almost $160k doing pretty basic/routine software work at a non-software/tech company in the Bay Area. I'm underpaid (as an hourly contractor)--that is, I know for a fact that the hourly rate I'm currently working for is 20%-30% less than what I could get doing something else. Your salary, if you are as good as you claim, is less than what it should be by a good 10%-20% (factoring in benefits and bonuses).
Speaking as an engineer who has already been pitched at by others working on startups due to my formidable scalable productivity in my domain (while only being in the Bay area for 4 months), I prefer the security of a good salary and a good amount of stock. It would be very hard to convince me to leave without offering some level of immediate financial security.
Note: I work at a startup that raised a Series A round - I was offered $140k + signing bonus & generous stock options. I believe the company has been very happy with my results so far.