I think (from having tried it) that doing it as "a favor" isn't going to make the cut. One of the reasons my first two fail is that our team simply didn't have the dedication and wasn't able to find the sheer hour count to sink into the project.
I think one thing a lot of people on the thread are expressing is that if you want to join an equity project, you want to give it your all, because otherwise its not going to work out for you. And if you "all" is being rewarded with piddly equity (not founder status, not CTO), then ... well, you just aren't interested or aren't really going to give anywhere as near as much as you could.
two have cratered, two are in the process of "working-out" and look promising if slow. one happens to be my own pet-project of many years, so i am the equity. never been screwed. you?
if that is the case, then it should be clear in the job posting whether you are the CTO, software architect, lead developer or just an unfortunate code monkey at the bottom of the heap.
maybe my mistake, i went from engineering founder to "lead developer" as that is my role in my 9-5. i imagine that they are looking for a founder who runs the engineering side of the house, not just a lead dev. the positions are probably similar, but not he same.
i am a lead developer on both projects on which i get paid a salary (my 9-5) and on a number of projects that i work for equity (the rest of the time).
for me, between the two positions, as a lead developer, my roles and responsibilities are pretty similar. i have influence over the hiring, the design, technologies used, engineering, timelines and deliverables.
therefore, the things that would attract me to an equity position is an inspiring team, an inspiring team leader, and a strong sense that we will succeed after having met and talked to the team. and not just success ten years later, but success within the stated timeline of startup. i hate release delays like i hate long meetings.
I think one thing a lot of people on the thread are expressing is that if you want to join an equity project, you want to give it your all, because otherwise its not going to work out for you. And if you "all" is being rewarded with piddly equity (not founder status, not CTO), then ... well, you just aren't interested or aren't really going to give anywhere as near as much as you could.
The other crater was for other reasons.