Ask HN: Will Work For Equity?

I've had the opportunity to work for a few startups over the years in a variety of capacities given that my expertise spans both project management and enterprise software development. I've worked in both an advisory role for management or technical operations, and also as a contracted software engineer or even once as an interim CTO.

That being said, I've picked up a little equity from some small companies here an there (not much, but a good amount) and was wondering how many of you had done something like this - worked on the side for a startup in exchange for equity only. Any success stories?

I do what I do mainly for the love of it, and being able to learn new things. I'm starting my own company now and having worked with these people over the years I have learned a ton. Money was secondary in my ambitions while I was doing this work. I was fortunate enough, as an independent contractor, to always have enough work to pay the bills while I did these projects on the side for startups in exchange for equity only.

What are everyone's feelings good or bad about something like this? I see it as sort of like an investment of human capital for a startup in lieu of a pile of cash.