I value my time more than money. And people with enough self-respect are the same in this regard.

So, if a person is willing to spend his time for your company, he'll naturally expecting something in return, not just promises or "job offer in future". That something should either be immediate cash or equity or both (since you are a start-up).

These days, you'd be better off investing in people rather than in hardware. Remember that a loyal employee is sometimes worth more than all of your assets. And you, as an employer, has to be accomodating in order to gain the trust and loyalty.

And, the answer to your question: No. (based on all your replies)