leaving quant vs startup
Need some career advice.
I am considering leaving my quant role for a startup.
I have 2+ yrs of experience as a quant working at a single manager fund. I am considering leaving for a startup that has a product that I find really interesting.
The startup has had a strong funding round and they are <50 people and still growing rapidly. They have a lot of senior people from the relevant industry. Best case scenario is that in the next 2-3 yrs they have an amazing IPO though I don't anticipate my equity would mean that much of a significant bump versus continuing as a quant. But whatever happens the product / industry is very interesting and I can see myself continuing in the industry with the hopes of launching my own startup.
Otoh, I can gain more experience and transition to a MM, either as a quant or PM. This is probably safer from expected wealth perspective. However, I'm concerned because I've heard rumors from friends that have made the transition that some PMs hire quants, squeeze their strategies and once they don't produce new alpha strategies are let go; while transitioning to PM I'm not sure if I'm confident yet. Keen to hear more experienced opinions.
Has anybody made such a transition? Pros, cons, regrets on either side?
Anybody actually seen quants getting hired and fired after giving their strategies?
When did people feel comfortable moving to a PM role? What's the attrition rate here?
At first I felt the startup role would be higher risk, but I don't have a good estimate of the survival rate of quants or PMs at MMs so would be good to hear opinions on this too.
Base for both positions are comparable.