[bluelu]

Since you are posting on hacker news, most of the people here will tell you that it's a bad deal.

I think it's a good deal. It's not great, but good. You still keep half of your salary, got funding right from the start, can develop/build the company, learn a lot, and have someone to ask for advise which you shouldn't underestimate, and probably will have no trouble raising a second round with their help.

With that, you will build value much faster than a "normal" start-up founder, which doesn't have the connections to raise money, doesn't have the money to hire employees, etc... I think it's safe to assume that you win at least 1 year. This will increase your company value and thus make your 10% now worth much more than someone having 100% and is right at the start.

If all fails, you only lost half of your salary (no debts creating the company), but gained all the experience and are much more fundable for a new startup.