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A blend of retainer ship and equity (may be sweat) should be the optimal way to move forward. Retainer ship will make the developer be serious about the roles/responsibilities and equity will provide enough value to possess holistic outlook of future. Just make sure the individual shares the passion of working with a startup and is open to count his/her individual growth with business.
Look beyond the usual suspects i.e. someone on a job hunt. Your requirement isn't for an employee but a kick-ass individual seeking startup date.
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