"Are you interested enough in a startup to be willing to work for X months for mostly equity, knowing full well that the project has a risk of failure?"

There's your filter.

Yeah, I know what you're saying. However, we often fool ourselves about what we're capable of. If someone has developed a startup and completed an exit and they're prepared to go at it again, that speaks much louder than someone who claims they are willing but has never done it.

Of course.

What's obnoxious about "completed an exit" is that talented people can fail to meet this for reasons that aren't their fault. Possibly the VC wanted to aim for an IPO, they failed because of the downturn, and now they haven't "completed an exit". I know of stories like this.

I wouldn't bat an eye if you said you were looking for people with substantial entrepreneurial experience. I just think the specific criterion of "completed an exit" is obnoxious. It sounds like you think you're too good to talk to people who are talented but haven't had their break yet.

It's not just about talent.

It's about (among other things, I assume):

- Wealth (exit = cash = ability to work for equity for an indeterminate period) - Availability (recent exit = not currently engaged with another project)

The first is the biggie. I'd say 99.9% of people on HN can't say "I will eschew all paying work for up to 2 years and can toss a few hundred grand of my own money in if we need a cash infusion".

Of course, the recent exit thing is a problem, too. Most buyers lock in the founders for 1-2 years, so recent exiteers will have golden handcuffs.

We had a six month earn out. It ended on July 15, 2009. We took slightly less money to get out sooner.

That's a great deal (makes sense for an ISP)! But if you're looking for software entrepreneurs who are coming free, it might mean people who sold 2 or 3 years ago, depending on the business.