A fintech startup offered me an unpaid ML internship. How much equity should I ask for?
Equity but no pay? Are they funded?
They are. They have received over 5 million between two funding rounds. However, they only offer “experience and mentorship.”
Yeah unpaid is a red flag. Try approaching it as a contractor rather than unpaid intern.
Don't work there lol, it's not an internship, it's volunteer work
That’s what I was thinking too! But I heard some good reviews from people who worked with them and learned a lot. They were talking about their amazing mentorship qualities etc. I’m just very new in the industry and I’ve been struggling to find a position for so long...
Unpaid internships are illegal. Meaning if they are having you do any relevant work, they have to pay you atleast minimum wage. I don't see how an ML internship can be irrelevant work. So yeah it's illegal.
They try to sugar-coat it as an apprenticeship gig, but I’m inclined to be skeptical.
Do u understand how equity valuations work for a startup, including vesting terms and future dilution?
Not fully. I just know that sometimes startups give a little bit of equity to the unpaid interns as a form of compensation.
Look at Carta and Holloway guides, which will help you with full time. For intern or student-contractor, I’ve never heard of giving equity until converting to full time, unless the team is also students (in which case you should ask to be a co-founder).