Joined together to create a new venture with my ex-boss, we shared a great work dynamics and gelled well together, had complimentary skills & liked the idea and hence I decided to start together.
From day 1, I wanted to be very clear on structure and equity but due to evolving nature of the venture, agreed to wait for 6 months.
I started working full time whereas the founder worked part time. Its 6 months and we have achieved good things and its time to go full on. But, its hard time we have clarity (probably its already late) over structure and equity and hence would like your opinion on the same.
He brings the original idea. I am being paid around 50% market salary and not investing any money(although i offered going without salary for few months and put some money which he said was not needed). He has the core domain expertise and around 10 years of experience whereas I have around 3 years of experience around online mktg, tech and product development and I am good at getting things done so can add good value to operations which is a complimentary skill to his skills. I *worked full time for six months whereas he worked part time during this time.*He is investing little personal savings and we plan to bootstrap and pay the bills via some workshops etc. and grow organically and later go for funding. Have been here from Day 1 while the idea was on paper.
The term core team member was always used to describe my association but I still don't have an answer to what that means: Should I be treated as a Co-Founder or First Employee ? What would be a fair Equity distribution ?
Also I didn't get clear answer to these questions over last 6 months as they were always abstract like "Core Team Member", "Fair Equity" etc and I had certain expectations in mind and seems difficult to be able to accept sth drastically different from my expectations.