I recommend working at a larger company. If you join a startup right after graduation, chances are you're going to have to find out about a lot of real world stuff, best practices, technologies and so on on your own. There's a good chance you'll miss out on a lot of good practices and do things the harder way (or do them the easier way, which will prove bad in the long run). If you join a large company, you get the benefit of being able to draw from experiences of senior developers, and you'll likely get one of them as your mentor. After a while (and 'a while' may be two years, three, or even more), you'll start feeling that you've learned as much as you can. Then is the time to join a startup (or start your own, if you can).