[kls]

Personally, I would not do it without some other form of agreement, either equity or an agreement that future work will come to me and that the rate will slowly rise to your preferred rate. This also really depends on the start-up and how comfortable you are with them. I have seen many small businesses abuse the "we are small, can you help us out" card, so you really have to get a gut feel for if they are on the up and up or will they expect that lowered rate for the entirety of your relationship and them move on once you will not provide it. Equity is obviously the most secure way for you to allow them to defer cost will still ensuring your compensation, other than that, you really have to ask yourself if they are truly just cash strapped.