Equity for a technical cofounder

Possible Duplicate: Forming a new software startup, how do I allocate ownership fairly?

I'm a developer who has been in contact with a nontechnical cofounder to become the technical cofounder in his startup (just him at the moment), and all seems to be pretty good. He's a nice bloke, his idea is quite good and he seems to know his stuff.
But we have a bit of a disagreement on the question how equity should be shared if i would join up.

In short:
Me: 7 years of professional experience in the appropriate technical fields (about 12 when counting hobby / study), will bring in about 70.000 dollar to get the startup moving and will quit my current job to work fulltime on this startup. I will handle all technical aspects.

Him:
Currently studying to get his MBA, but willing to halt his study to work fulltime in this startup. Has no start-up experience. Will not bring in any money. He had the original idea for this piece of software and will handle the business side of things. Furthermore he has paid an Indian business around 5000 dollar to build an initial version of the software.
I have not been able to see the code of this initial version, but its way too slow for actual use has lots of missing features (i'd say about 30% feature complete). It's not fit for real use and will probably need to be completely rewritten.

He is offering me 30% equity, keeping 70% for himself. 30% seems low-ish to me, am i correct? (or just greedy :-) )