It depends on your goals and on how big you believe the company will ultimately be, and how likely you think it is to succeed, among other things.
Let's say your goal is to have "FU money." And let's say that, for you, "FU money" is, say, $4 million USD. If you believe the company will eventually be a $400 million dollar company, then 1% equity achieves your goal if the dream materializes as planned. If you only see the company as a $4 million company, then, well, the math doesn't really work out.
And note that I'm intentionally generalizing here and ignoring taxes and other factors. I'm also talking about an outright stock grant, not an option scenario. Options aren't necessarily bad, but I'd think that as the first hire and - if I understand correctly - the person who will be responsible for building (all|most) of the initial product, you should be getting some equity outright.
Let's say your goal is to have "FU money." And let's say that, for you, "FU money" is, say, $4 million USD. If you believe the company will eventually be a $400 million dollar company, then 1% equity achieves your goal if the dream materializes as planned. If you only see the company as a $4 million company, then, well, the math doesn't really work out.
And note that I'm intentionally generalizing here and ignoring taxes and other factors. I'm also talking about an outright stock grant, not an option scenario. Options aren't necessarily bad, but I'd think that as the first hire and - if I understand correctly - the person who will be responsible for building (all|most) of the initial product, you should be getting some equity outright.