My gut says first treat it as strictly a service contract.
Equity is a potential bonus, but also a distraction and should not substitute for initial work with people you barely know...structuring the deal right is complex and expensive.
Finally, there may be a good reason that it "has never been done before." Knowing the key players isn't the same as getting them to fall over themselves to pay you.
Comments
My gut says first treat it as strictly a service contract.
Equity is a potential bonus, but also a distraction and should not substitute for initial work with people you barely know...structuring the deal right is complex and expensive.
Finally, there may be a good reason that it "has never been done before." Knowing the key players isn't the same as getting them to fall over themselves to pay you.