I think geographical location makes no difference, because If it were me I would ask them for what I was currently on. Not take a pay cut, but not expect an increase either.
With the lack of security in a start up I might also ask for something in my contract which meant if the product/company were successful I would get recognition (financial or otherwise) in relation to my contribution.
With the lack of security in a start up I might also ask for something in my contract which meant if the product/company were successful I would get recognition (financial or otherwise) in relation to my contribution.