So yeah, it's possible, if you're rich or can get funding before you've got a product.
I've also been approached by countless guys asking me to work on their startup for free or something like 10% equity. Bitch please. I've been a consultant and run all sides of a business, what could you possibly bring to the table besides a nebulous and nearly worthless idea?
To those guys I've started asking for 60% equity and they usually walk away as if it was an insult.
Let me be clear about it. You can run a business with engineers alone and write software. Even one single engineer can run his own software business. If was running a start-up that makes software with two founders do I want one of them to make 0% of the product?
Do you advice the developer to accept the offer for 60% equity ?.