My venture began as a side project. I hired a foreign developer to build a MVP and started recruiting for a part-time, equity-only CTO. I wanted someone to review the code, make improvements, add new features slowly but steadily, etc. The guy I hired was a recent graduate of General Assembly's full-stack development bootcamp. He talked a big game and seemed perfect, extremely slick salesman. Of course, he refused to do a lick of work. There was always an excuse. 'The code looks perfect....The foreign developer knows it better, have him maintain it...We don't need those features yet...'
There were milestones in the contract, so this guy has never vested, but he remains my CTO on paper, and he is a well-connected guy. Of course, I'm shocked by what an utterly terrible person he is. And yet, with that General Assembly degree alone and seemingly 0 ability or work ethic, he talked his way into full-time job after job. 4 jobs in the last 18 months...which means he's ditched 3 companies (presumably not fired since each subsequent job is always better).
Is this common? Why does this guy keep getting hired? Is it possible to find a decent equity-only CTO?
The short answer is no.
You should definitely find yourself first an investment.
You want somebody to do a full time job for free and put all the risk of getting the startup up on him? Than why does he needs you? Ideas are abundant.
The hard work is building it and not dreaming about it.
Have you heard of ICO's? you could try today raise funds using a token you issue.
That way you can find the people that believes in the project and are willing to put in that money directly.
There are a lot of funding options. And if you are not planning on building the startup yourself, at least you should find a funding channel for the time needed for the startup to grow.
But if you are willing to find a part time CTO, you can forget about him coding.
For building something big you must do a full time job and even extra sometimes.
You cant build a rocket ship on a hobby schedule.
I am currently working with a one !!
1) More common than you think.
2) One problem is that if you want quality you have to pay for it. I think finding a decent equity only CTO is going to be hard enough that you shouldn't every try to do it.
Please let me know if you are looking for quality software development service for a fair price.