I apologize in advance if I'm impolite but it sounds like a ripoff and is even worse than Rentacoder's slave wages.
In fact, here is my counter-proposal: come to Seattle where I live, work on my ideas and if you're successful I will give you 50% of the profits. It's like: work for a summer get paid for five years! I may or may not give you office space but I guarantee that I will micromanage you and give you advice even though I don't actually know your area of development.