This is obviously a risky venture with plenty of potential pitfalls. But, you seem to understand them. Hire a lawyer to work with you on contracts, since they’re extremely important in this type of work.
Silverorange (a web agency I work with in Canada) does some work like this with e-commerce companies, where they take a percentage of online sales. They’ve worked out a contract for this type of thing that’s worked so far. Just don’t skimp. The weird thing with this kind of work is that it’s often more likely to be contested when the project is more successful! When people realize the size of a check they need to write sometimes they get squeamish (and litigious).
Also, silverorange does considerable research into a company before getting involved. Obviously, that mitigates some of the risk. But, that can be a lot harder for a newer company (many of the businesses they work with are 40+ years old).
Good luck with it. And make sure you can still pay the rent.
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