Obviously everything depends on hmexx's credentials, but I think to many this may be quite attractive proposition (depending how fast you can achieve MVP) eg. if it's a 1-2 month thing you can just take a break from contracting and do this - if it works out - great! you have 50% of the business if not then you just go back to contracting...
There is a lot of good advice in previous comments.
I'm just wondering, how is that you say you can code and you cant find a job / project to work on. I did my first project for money in PHP when I was 16 - no degree, no experience and not much code to show - just few HelloWorld playpen projects.
People rarely ask developers for a degree and even if they do, once you have impressive code to show is worth much more.
So my advice would be maybe harsh but simple - stop complaining and get working!
you can always use "drug dealer's" method - do the first project for free :)