I'm looking for a lead developer to join our Conversational Analytics startup. We're using a Dynamic Equity model (www.slicingpie.com). What's the best way to find experienced developers interested in working for equity during the bootstrap phase of the company?
As an experienced tech cofounder what works best for me is being approached in the follow way:
Tell me about your product Last.
Describe your ideal customer.
What problem are you solving for her?
Do you already have a tribe of her built and ready to market to (on instagram, or a facebook group, or a b2b network)?
Tell me your go-to-market plan.
What's the cost to acquire a user?
How long is the path to profit?
Do you want a lifestyle business or a VC backed tech flip?
From there let's talk about the sweat equity split for everyone,
Then tell me about your product idea.
Equity is fine as long as it matches the demand. If you intend to call every hour of the day and night, 10%... 20%...30% isn't going to cut it. Assume 18 waking hours in a given day. If you expect 9 hours per day (working, on call, meetings) then your offer should reflect your expectations.
Anecdote: I had a meeting with an "idea" guy at a local Starbucks. Before one word was out of his mouth he pushed an NDA across the table to me. I understand the desire to protect your ideas but that level of initial mistrust will flow both ways. Your equity offer should reflect this.
First I'd sell them on your idea. Then the negotiation for "how much of the pie" gets a *lot* easier.
Sharing the idea and working together. Lobbying your idea first and explaining why the developer would love to jump in on spare time.
Maybe you can give a short intro of your idea ?