Background: I'm a fresh college graduate who is looking to become involved in a 2 person tech (web) based start-up and need some help from professionals on equity split. The other half of the operation is a seasoned IT professional/VC who has been involved in a handful of tech projects and companies from both an investor standpoint and employee. Over the past few years, he and I have been kicking around "ideas" for a startup and we have finally come to our conclusion and ready to enter the market.
Hes bringing: He is representing 100% of the financially responsibilities, and is the wizard behind the business plan and implementation to future investors funding.
I'm bringing: All marketing aspects, product development, getting together my colleauges to get initial product and website development rolling etc.. His future plans include me rolling over to a CEO position and taking over all day to day functions (those were his exact words)
Question: He has asked me to enter into a formal contract of partnership which includes me telling him what % of equity I would like. I know I'm not worth that much as of now, but do not want to under value myself by sending out a lowball figure. He has told me no matter what figure I throw out there he will not be mad, as there is always room for communication and agreement. Where is the ballpark % of equity that if you were in his shoes you would allow me to have (Is 12-18% out of question)
Thank you for your time