I listened to a Mixergy podcast earlier this week where the founder (a "business founder") started by doing some customer development, getting a prototype developed (paying to get it done, raising a round and then going to find co founders. Andrew (interviewer) assumed this meant a higher equity portion, but Rafael said it was close to an even split. The logic seemed to be that he could get better co founders this way.

To anyone who sees themselves in David's (the poster) position: How would you feel about coming on board at this stage? How would you feel about coming on board at this stage minus the investors?