[Disclaimer: This question was also posted on Hacker News]
Just 6 weeks ago my co-founder and I began working on our startup full time. We want to accelerate development and have talked to a friend who has the right skills and level of interest. He has a full time job so he can only commit 10hrs/week; but he is willing to work for equity and no cash.
My co-founder and I both work in SF – we believe the time we spend together is very valuable in the early stage when a lot of spontaneous discussions take place. Our friend lives in the valley, so we will not have some of that interaction.
We are thinking we should offer him 4-5% with the same vesting schedule we have for ourselves. Would you consider this fair? If not what would sound more reasonable? Also, would you consider this guy a co-founder?
Thank you in advance for your responses. We greatly appreciate the help.