Not to sound simplistic, but I think most any coder would work for a modest salary if the work were meaningful or exciting to him/her. My first job (coding) was

Not to sound simplistic, but I think most any coder would work for a modest salary if the work were meaningful or exciting to him/her. My first job (coding) was for a company that made special software for financing insurance premiums. No offense to anyone in that field, but to me, it wasn't a terribly interesting subject matter. On the other hand, I regularly see offers of people willing to volunteer on iPhone game projects just so they can learn the ropes -- it's just that interesting to them. So, perhaps you should only offer the equity/money/bennies after you've found someone who's passionate.