You need to meet folks where they are at, and most folks do need $$$ coming in the door. Even if they are living at home, there is still opportunity cost. Other options:
- go raise money
- consult while you are bootstrapping, use that money to pay people
- go offshore (you can pay people much less, usually)
- let people work 1/2 time on your project and consult the other half (I did this)
What kind of equity were you offering? If you are expecting people to work without pay, you are looking for co-founders. So I'd expect the equity to be double digit percentages.
Regarding equity, I was set on this being a bootstrapped business, so I offered 8% at 50h/week over 2 years, vested monthly (unconventional ik). And a few extra % if they stayed 2 years (depends on how many remain). I didn't require full-time, and allowed 20h/week, and equity was proportional to time put in. My stake would was 16%.
I eventually hired 3 full time devs offshore after realizing almost no one has the risk appetite. $500/mo avg. 2 were duds who I removed after a month each, but the last one was great. Learned my hiring lessons.
Consulting would have been difficult because I spent day and night on the startup.
Letting people work 1/2 time on my project and consult the other is smart. I would just have to secure the clients. I will consider that in the future.
I gave people the option to work 20-50h/week, but no one took up that offer. The only people who joined were 5 people:
- 3 friends I knew from online and did projects with before.
- 1 person I met from reddit and also a unemployed 2024 grad (but she was still money hungry, left 2mo after while being only part-time).
- 1 person from YC combinator. Great guy and former founder, but he had to leave 3w in due to a lawsuit abroad.
You need to meet folks where they are at, and most folks do need $$$ coming in the door. Even if they are living at home, there is still opportunity cost. Other options:
- go raise money
- consult while you are bootstrapping, use that money to pay people
- go offshore (you can pay people much less, usually)
- let people work 1/2 time on your project and consult the other half (I did this)
What kind of equity were you offering? If you are expecting people to work without pay, you are looking for co-founders. So I'd expect the equity to be double digit percentages.
Regarding equity, I was set on this being a bootstrapped business, so I offered 8% at 50h/week over 2 years, vested monthly (unconventional ik). And a few extra % if they stayed 2 years (depends on how many remain). I didn't require full-time, and allowed 20h/week, and equity was proportional to time put in. My stake would was 16%.
I eventually hired 3 full time devs offshore after realizing almost no one has the risk appetite. $500/mo avg. 2 were duds who I removed after a month each, but the last one was great. Learned my hiring lessons.
Consulting would have been difficult because I spent day and night on the startup.
Letting people work 1/2 time on my project and consult the other is smart. I would just have to secure the clients. I will consider that in the future.
I gave people the option to work 20-50h/week, but no one took up that offer. The only people who joined were 5 people: - 3 friends I knew from online and did projects with before. - 1 person I met from reddit and also a unemployed 2024 grad (but she was still money hungry, left 2mo after while being only part-time). - 1 person from YC combinator. Great guy and former founder, but he had to leave 3w in due to a lawsuit abroad.
Some thoughts that brewed from my experience doing a bootstrapped legaltech startup for 7mo the past year.