I personally wouldn't do it unless they were also willing to put money on the table. The amount of equity seems very high and makes me doubt how competent they

I personally wouldn't do it unless they were also willing to put money on the table. The amount of equity seems very high and makes me doubt how competent they actually are. Also I'm not familiar with SBIR grants, but frankly I'd run a mile from an advisor who suggested that a software startup go the "government grant" route of financing.