I'm consulting with a startup which has exciting product, great vision but unable to offer monetary compensation as of now.
What else can be negotiated in the contract
Money when they raise? & equity.
How do we determine the amount and equity percentage
Depends on how you value yourself & how they perceive your value / I'd recommend having this on paper as soon as possible so you don't end up wasting time
lol just watched a reel 10 minutes ago which might be relevant here
what does a blind person leave as soon as his eyes are cured? stick
but by thumb rule: the number you've in mind: Double it to draw the anchor how badly they want you < Considering many folks won't do it pro bono >
If they don't have the money right now then money + equity equal to 2-3 times of current expected compensation. Increase x based on how long you have to work without any compensation because that is a risk you are taking
Nice, what do you help them with ?
Please have your agreement on paper. Make your sure your equity and/or monetary terms are clearly spelled out
Think of it as an investment which may or may not work out in the future. But please do get the paper work done or simply refuse to continue. Don't get taken in by "we will get to it soon, etc."
If they don't agree for paper work, then just move on.
1 up!
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