Yeah, I'm in the same boat, and I can't stand startups that advertise for unpaid internships (which is what this would be). My guess is that they are either totally unaware, or deliberately flaunting the laws against unpaid internships (where the intern is getting paid nothing for doing substantive work). I've seen ads like this all the time on craigslist. Pretty much the only people who can afford to apply are wealthy kids who just graduated, need experience, and can have mom and dad pay the bills. Not paying interns makes me think even less of startup culture than I already do.

So would you prefer a combination of equity and cash? We are always open to ideas and would consider including that functionality. Lots of people seem to be mentioning that concern.