You just took the first step. The second step is to figure out what you want to do. If you don't have ideas of your own, ask them to come forward with their own. Use hackers to find other hackers; too many times I found a guy or a gal with a good business brain between their ears, but things fell apart because they're surrounded with too many of their college buddies and frat-brothers who all want a cut in the deal.

Take care of your people. It is easy for a hacker to put in 18 hour days if he knows you're out there taking care of his bills. The simple act of paying a guy on time can make a world of difference. Even if he is working for equity, don't hesitate to find a grand or two from somewhere, anywhere, and cut him a check on the 26th of the month. Many hackers would be more than happy to work on the startup AND take on side-gigs, it's up to you to go out there and find the gigs, if you can't raise the money yourself.

Try to think very small. Most of us are not out there to grab your money and go. It's much easier for me to bring along two laptops and "settle" in a corner, somewhere in your basement. I will run a few cables around, replace your DSL router with something beefier, and I can stay there until very late at night and come back as soon as I open my eyes. YOU, on the other hand, need to be aware of my expenses; I spend gas driving to you. I go away to eat out twice while I'm at your home or office. If I'm meeting you and your investor buddies in pubs and cafes, I'm probably spending more money than I usually do. Feel free to reimburse me at the first opportunity.

Think of yourself as the manager of a band. The musicians make the music, sure, but they're completely dysfunctional without you. They can keep your commission and do the business side of things themselves, but multitasking is VERY expensive and taxing mentally. You can safely keep a band of musicians in your basement for weeks, even months, and they will do great work, as long as you're catering to their peripheral needs and staying out of their way. What you can't do is treat them as employees who you must micromanage and watch them do "tangible", measurable work.

[Edit: Sometimes people asked me to work with them on a startup, but they already had a draconian work process. Some guy had a quota of the number of e-mails I must send him a day. Where I should store source code, graphic assets and other stuff, and in the end told me I must install a VNC client so he can connect to my desktop. Had to dump him. If he told me I could use his home server to store things, I would have setup the version control and an ftp server myself.

Try to be nurturing and kind and you will juice the most productivity and loyalty out of anyone. Be honest and open. You don't need to give me the minutia of our financial status, if you think you can meet a budget gap by getting another client, go ahead and get that client and let me focus on the work. Don't introduce unnecessary uncertainty in our stability. OTOH, if you think we're tanking, it would be nice of you to give me a heads up.]