Ok, so I'm a developer. I was approached the other week by a friend who had an idea for a website that he wanted to make, and he came to me because a) we know each other, and b) I've given him useful information before. He pitched me his idea and I agreed it had potential.
A week or so later, he's given me a potential contract to sign, which gives me a percentage in the high 20s, which will probably get reduced when we bring on the second developer (for the front end, which I can't do).
Although he has the ability to bring in capital, I don't think much capital will be needed. I feel as though I should be given the equity of a full co-founder. It's not a huge website idea, but I'll be responsible for all the back end code. I'm not getting paid at all.
What should I counter his offer with?
EDIT: I don't know if this changes anything, but we're both in college and will be doing this part time.