Is the $750K for the equal stake the result of negotiations and that is the final offer? If it isn't, what's stopping you from making a counter-offer at terms you deem suitable? Since you appear to be able to survive at ramen level, $750K sounds like more than you need so you could try accepting a lesser amount while giving up less of a stake.
Also, one thing to consider is that with that amount of cash, you have a bird in the hand. Holding out for the two in the bush (revenue just around the corner) may not be the best bet. What if you're six months away from revenue? 9 months?
It's your first startup and $750K is pretty good validation that someone thinks your idea is worthwhile. If things really take off, your valuation will go up and the equity you do have will be worth more -- see the Khan Academy Venture Capital video series.
Also, one thing to consider is that with that amount of cash, you have a bird in the hand. Holding out for the two in the bush (revenue just around the corner) may not be the best bet. What if you're six months away from revenue? 9 months?
It's your first startup and $750K is pretty good validation that someone thinks your idea is worthwhile. If things really take off, your valuation will go up and the equity you do have will be worth more -- see the Khan Academy Venture Capital video series.