It really does depend on where you're interviewing.
List the experience either way, but "founder" tends to count negative far more than "lead developer". Companies are paranoid they'll hire their next competitor or a distracted employee who either pads their timecard while they work on their own stuff or jumps ship in three months when they can locate a seed investor to start their next company.
Replacing any employee is expensive, but software developers compatible with startup environments are far more so.