I recently joined a small company who has been established for a year and doing outsourcing. It doesn't have tech employees and what they do is to take customer request and find outsourcing companies to finish the product.
Now the founder(let's call him Joe) has an idea for a product and wants to develop it in house. Hence I came on board full-time and am in charge of the implementation. I am also taking on a low salary(a quarter of what I would have earning for a regular job).
There are two other co-founders(total 15% shares) whom are friends of Joe but they merely put little seed money when the company first started. They hold day job and don't directly involved with the company.
Now, I have discussed with Joe about the shares I should be getting. 15% for me was mentioned but nothing finalized yet. Not knowing much about startup shares and all that, my question to you is How much sounds right to you in my case?
the company plan is to get the beta product out in 2 months and starts looking for funding from angels and investors.
thanks in advance for your thoughts.
A little more info about the product. Joe's idea is not genius and had been tested in other countries. He sees the need in the local market and trying to build something similar with a different focus and approach. Joe did built a beta product via outsourcing but the codebase isn't solid enough to extend further. There are less than 10 paying customers since the beta product out last November. The market isn't huge now but has potential. Now I am tasked to rewrite it with more planned features.