Dude, i have burnt my hands in such deals at least couple of times as only 4% start ups make money and only 10% recover money. Not to dampen the spirits, I will tell you one mantra which i follow. Pitch for revenue sharing and stock options both.

Stock options have to bought first and when the company makes money(VC comes in) you can dilute them. But if you get revenue sharing you will be earning something even if company is not a huge success.