Your opinions re start-ups vs. established companies

I would like to hear other opinions on the risk/reward of start-up companies as opposed to established companies. I have very mixed feelings on the subject. I would also be interested in what others look for in a company.

My feeling is that I am not so concerned with a start-up as long as it meets certain criteria. I look for strong capitalization (deep pockets), a strong, diverse management team consisting of people experienced in both Network Marketing and conventional business, a sound product that is highly consumable and some sort of name recognition out front. If these ingredients are present, I would rather roll the dice on a start-up than get involved in a company that is in the momentum phase. I guess I like the challenge. What say you?