Its commitment and Cash. We are going to fund ourself. Its a brilliant idea. Its simple and it applies to a long tail economy. I believe its a multi million dollar idea that needs to be executed well. Also I think that my idea can be a platform for theirs... Everyone will win from working together. I just think that giving up 40% of a nearly finished product is big.
Also, how do you see these shares? As a commitement? How much of your time would you spend on each? They had the idea so they deserve a premium but if you will spend just as much time as them on it, that premium is all that separates you from them.
Commitement matters. As important as ideas are, without commitement and execution, they are nothing.