Wow, offering an equity split when you are already so far along. Makes me think, why start my own company. I could just jump on a promising startup that has already done a good deal of hard work. Easier and less risky.
A really good point. Much risk has been taken out, but I feel pretty strongly that a really strong core team is created when there is real equity in play. I've put in plenty of time and money, but they're not worth anything until we win. I like my chances of winning better with a well incentivized team!
Very little risk has been taken out until you've found product/market fit. Unfortunately, ideation and fundraising don't eliminate risk, they're the easy parts.
Touche. Hence the equity :-)
You're already ahead of the pack just by realizing that, though. Good luck to you. Feel free to reach out if you want any help.