Hi James, thanks for the kind feedback. To answer your question: Of course, this is just how we did/do it, but interns don’t get equity, period. They get paid anywhere from just over minimum wage to $20-$30/hr depending on their skillset and experience.
Now, keep in mind that if our startup doesn’t have paid employees, we shouldn’t have interns. Free labor should be a short-term, handful of people, all of whom are getting equity and positions in the company once funding or revenue comes in. Interns will not get this, so they should not be a part of that team.