Someone is looking for Senior Web Team Manager for “a brilliant ‘social network and desktop’ application that is going live this week” who’s willing to take low pay but a big chunk of the business.
I have to admit I’m puzzled; if it’s really going live this week, why not wait for it to go live so you can at least point to the thing and say, “this is who we are”? Ultimately, I’m not a big believer in work-for-equity arrangements. If you’re going to take minimal pay to work on a project for equity, why not make it a project of your own devising?
That said, if that arrangement is something you can imagine doing, there’s really no harm in looking into this briefly and getting some sense for whether or not you really buy into their offering and their profit model.