An influencer in the fitness space who has genuine distribution and proven experience scaling one app, offered me (~6 years software engineering exp. w/ one side project scaled to 15k users) the following technical cofounder offer for a fitness app requiring a custom iOS vision module:
No payment to start. MVP base rate is 10k, 5k on delivery of phase A, 2.5k on phase B and 2.5k on phase C.
After the MVP is delivered, if we both want to move forward, then the 10k would turn into 2% equity vesting immediately, and 23% would vest over the next 3 years. When continuing as cofounders, he would then offer a 100k/year salary. If we do not continue as cofounders, I walk away with 10k and he gets the IP.
To me this sounds like he doesn't respect my time, I estimated the MVP build at 300h. It comes off as "I want you to go through a 4 month job interview in order to become a technical cofounder with me". The only thing that stands out is that I could also just build the MVP and do the bare minimum to maintain it after delivery while collecting the salary. Has anyone ever accepted a deal like this and found it worthwhile?
My worry is that I'm hung out to dry if he drops the project after the MVP delivery. Any recommendations on counter offers?
No payment to start. MVP base rate is 10k, 5k on delivery of phase A, 2.5k on phase B and 2.5k on phase C.
After the MVP is delivered, if we both want to move forward, then the 10k would turn into 2% equity vesting immediately, and 23% would vest over the next 3 years. When continuing as cofounders, he would then offer a 100k/year salary. If we do not continue as cofounders, I walk away with 10k and he gets the IP.
To me this sounds like he doesn't respect my time, I estimated the MVP build at 300h. It comes off as "I want you to go through a 4 month job interview in order to become a technical cofounder with me". The only thing that stands out is that I could also just build the MVP and do the bare minimum to maintain it after delivery while collecting the salary. Has anyone ever accepted a deal like this and found it worthwhile?
My worry is that I'm hung out to dry if he drops the project after the MVP delivery. Any recommendations on counter offers?