Great article. I've found myself doing this in the past. I'd tell people how and what I did but there's always an unexpected turn that happens. I leave out that bit because its something I earned through sweat and tears when talking about how I did something.
But, sometimes I just let it all hang out because I know that there's no possible chance for someone to copy my efforts.
The few businesses that are easily copied are usually short term projects because sooner or later everyone finds out the secret. The best projects I've done are the ones where I'm going full open kimono because there's something about my personal network, skill set or etc that gives me an inherent advantage over everyone else.
Best examples are my personal connections to marketing firms and my professional licenses.
This is one of James' better posts. The best tidbit was probably how the douche in the series is smart enough to always leverage and position himself as an intermediary through social interaction.
If you've developed it to the point of product and seed funding, then you can justify holding out equity pretty easily. I would suggest that you offer a third. You need to be generous because if they're going to be a co-founder then you're going to need them to have a honest stake in the company otherwise they won't take it seriously.
It might suck because you feel that you did all the work, but you're going to need a long term view.
I had a hard time accepting this in my past experience partnering with people so the venture eventually failed.
I'd be careful about finding a "co-founder" half-hazardously. I've experienced a number of partnerships and they more often than not - end badly.
Workload is hard to share even if you have similar skill sets because you'll have different goals. You might be looking to build a company and he might be looking to sell.
Other issues i've dealt with is miscommunication. It's hard to be brutally open and straightforward with a stranger but its absolutely necessary because it always leads to GIANT problems when you're not honest to the point of being offensive.
I'd suggest you using skype there's a ton of free software that lets you do the same. But honestly, I'd suggest doing a real video for your application to make sure it has a higher production quality.
A lot of times it isn't what you say but how you say it.
I personally use adobe premier and afteraffects to make sure that the intro, content and outro looks tight. You could also use final cut pro but im not an appler person.
i think its important to use a decent film editor so that you can level everyone's sound and make sure that message comes through clearly... but i admit i may be over thinking it.
This would obviously only work if you had an inherent advantage in the market though haha.