My ex-boss currently owns a non-IT/game related business. He recently contacted me, knowing I had worked in the games industry for ten years, had track record of good technical skill, and also had idea of a new project that might earn high money.
He is now preparing a proposal to outside investors to found a subsidiary under his current company. The subsidiary will focus on IT/games. He verbally agreed to include me as an equity partner, and wanted to include my portfolio in the proposal for first round of funding. The proposal has to be finished in a short time, and since I don't have enough time to draft my new project's idea, my ex-boss will use his own simple idea about classical mobile game in the proposal.
Now I am thinking how much can I ask for the equity. It seems to me that my ex-boss is just providing his business knowledge and relationship with investors to the new company, and he invests no money from himself. Once the outside funding is captured, I will be the person who works full time and manage the core production. Now should I regard myself as a co-founder and ask for more equity, and if I could not get more, I would rather be a normal employee and ask for high salary?