Me and my friend are both sophomore computer science majors currently looking at internships for summer 2011. We've both received offers from large corporations for software development, but we're considering another offer from a new local startup incubator. The pay there is much less than at the big companies, but it offers a unique experience - teams of students will essentially decide on a startup idea at the beginning of summer and then be paid to develop those ideas into a functioning product.
We think there could be unique lessons to learn at the startup incubator and we're both interested in entrepreneurship in the long-term, but we don't think it will look as good on a resume. Additionally, $520 per week salary at the incubator is much less compared to the ~$3300 per month offer from Big Company. We are conscious of the fact that in grand scheme of our lives, this difference in pay won't amount to much. There will be valuable experience at Big Company too, although the work is probably going to be less fun.
Our question: Does anyone have any experience interning as a college student at either/both big companies and startup ventures? What were the pros/cons and what did you gain from each experience?
Thanks for any advice you can offer.