Once upon a time, I was CTO of a startup. My main job at the time was developing an iOS app. My two co-founders were very engaged and we were making good progress. That is until something shiny came along and they ditched me. I wasn't investing 80 hour weeks, but I was building an app essentially for equity and potential. 1/3 equity in nothing, however, is $0. I would still be open to this kind of situation, but I would look at it completely differently after this experience. Great post by Stephen on how to approach these situations and when working for free does or doesn't work.
Equity and the promise of greatness don’t pay the mortgage.
Working for Free by Stephen Adams