Kia Ora – good question; there are a few agencies that do this; not that many as it is so risky and hard to pay the bills; where I have seen it is where an agency knows the space/founders and is prepared to go all in relatively; or they have a conscious plan to do like 5% of their jobs in this space – either way, I actually have not always seen it work that successfully because typically what a startup needs and what an agency does are slightly different – the startup needs focus and depth, while the agency can be broad and shallow; gross generalisation there.

One place that is good for trying to find people is the NZ Tech’s Ecosystem group on FB – link here – https://www.facebook.com/groups/NewZealandtechstartups

To your questions
– Pricing up the work, try to work out what you think it would cost if you paid an agency – then you probably need to add 25% to that, and then you convert that into equity, it can bet messy in the numbers, also the challenge is if the ‘work’ value is the $ that is converted into equity the agency is not motivated to do it cheaply so you get wastage – think about instead doing an exact % for a job done; and then manage them tight
– make sure that they have the competence and expertise to do exactly what you are looking for, they can’t be making it up
– relationships – it always helps if you know them, and they are not strangers
– what is the ‘bail out’ if it does not work; what do you do?
– if it does not work, no-one gets anything and the question will be who pays for external expenses; that is just a commercial deal

Helpful?