1. I am not a lawyer but my understanding is: In the US, it would be illegal to pay less than the minimum wage. Many but not all jurisdictions have similar laws.<p>2. The idea of hiring people smarter is sound and will server you and employers well. Employers are people who actually pay.<p>3. If funding is as far away as May, the company is underfunded and has difficulty raising capital since it needs capital to pay your salary now. Or maybe the boss plans on replacing an inexperienced CTO with an experienced one once funding is in place...my friend Greg once got hired with no professional experience as the chef for a restaurant a month before it opened. I went to the grand opening party on a Thursday night. Friday there was a new experienced chef and Greg was out of a job. Clearly, none of that was spur of the moment.<p>4. If the title on your resume seems more valuable than knowledge skills abilities and money, then strongly consider the offer.<p>Good luck.