Earlier quoted context omitted.
Too many people looking for a CTO. If you have that many customers, you should be able to hire a contractor.
Capital compensation for the product won't flow through the doors until we launch. We had a CTO start the product but he had to move into an advisory position due to health concerns. Hiring an outside firm would also put the knowledge of the platform and the product into their hands. It'll make it more difficult for us to iterate and grow beyond just the MVP concept into a full business. That's why we want an equity…
If you're just assuming they won't pre-pay, then it might be a costly mistake. At least ask them - offer a discount or some sweet deal for taking a chance on you - at least a few of them might pay.
You're right that hiring a firm might get complicated, but hiring a solo developer could work.
Unless you are offering something other than equity - a chance to work with a team with a great track record, backing from investors, some unique ground-breaking technology - I'm not sure why anyone would want to work for free.