Ask HN: How to Work for Equity
I am a very good software dev mostly working on mobile apps.
About twice a year I will have a friend approach me with a great mobile app idea. The friend has an exciting idea (which I also like) but they have little money. I work a day job at a rate they can't match my normal payments. These app ideas are very simple to me to implement and usually take 2 days for me to build from scratch and have minimal maintenance.
I was wondering if I can do an equity-type deal where I own 40% of the app, in exchange for me building the app and doing some maintenance. I see some potential in some of the app ideas being pitched to me, as some apps could become really good.
I was thinking I would take 40% of profits, and if the app is sold to another company get 40% of the profit
Has anyone built a software app on a deal like this? Is this even legally possible?
Location Australia
Thanks
Pete