I've been working (unpaid) in my off-time as an Electrical and Software Engineer to create and develop a product for a start-up company. The original idea for the product was not my idea, but everything else about it regarding engineering design and implementation have been my work. I've designed the mechanical, electrical and software components for the entire device.
Our small start up company (my title is "Chief of Engineering & Technology") is hopefully soon going to receive funding and go into production, and (of course) will hopefully be successful. The intention is that I will be placed into a full-time position with the title stated.
The question comes down to what I should be asking for with regards to compensation and IP (Intellectual Property). Does it make sense for someone in my case to ask for royalties on a product? Or do royalties only have to do with IP? And if that is the case, is any of the product my IP?
Additional Info: The only documents I have signed are an NDA, as well as an initial/interim position summary which just spelled out my duties and experience, but nothing regarding reimbursement.
The owner of the company holds the patent(s) for the idea/device.