Also, don't discount your work for equity. Very not worth it. Learned this lesson twice now.
Biggest reason - if a company is coming to you to build their whole product under a contract, they're making a major blunder out the gate. Any seasoned startup junkie will tell you that outsourcing early product development is a surefire pathway to failure. Don't be fooled by thinking your involvement will help turn them around, the motivations you have as a consultant differ greatly from the objectives of a startup.
What ends up happening is you're working with a client who you're putting in way more effort and hours for - on a discount - which is, by the nature of the fact you're working on it, destined to fail.
Get your normal fees on the project, define the boundaries between you and the company, and don't let yourself get sucked into their hype. No matter how high-profile or connected or wealthy the client is. Its not worth it.
Biggest reason - if a company is coming to you to build their whole product under a contract, they're making a major blunder out the gate. Any seasoned startup junkie will tell you that outsourcing early product development is a surefire pathway to failure. Don't be fooled by thinking your involvement will help turn them around, the motivations you have as a consultant differ greatly from the objectives of a startup.
What ends up happening is you're working with a client who you're putting in way more effort and hours for - on a discount - which is, by the nature of the fact you're working on it, destined to fail.
Get your normal fees on the project, define the boundaries between you and the company, and don't let yourself get sucked into their hype. No matter how high-profile or connected or wealthy the client is. Its not worth it.