I think it depends on their financial stability. I don't think a consulting company should ever do work for a startup based on equity, the risk is too great.

I think it depends on their financial stability. I don't think a consulting company should ever do work for a startup based on equity, the risk is too great. But if they're not financially stable, then equity is all they have to give. You should do due diligence on the startup before you do work for them. If they have financial clout, but no technical clout, then it's a match made in heaven for you. If not, seems to me it'd be like hell.