Can your techniques be applied to hiring for a startup? We have been experiencing difficulty finding people who are willing to get low pay for a potential huge upside.
My techniques work for any situation but my focus is on software developers and primarily the best ones. Way back when Netscape was a start up, they realized their best chance for success was to hire the top developers. They were creating something innovative and new; something beyond the ability if average developers. Even then, they realized the best developers couldn't easily be lured by options or other 'potential upsides.' Like most startups, they were in a race and didn't have a lot of time to build their team. They decided to pay top dollar and it worked.
Today, I think it is very hard to convince great developers to join for low pay. Your main hiring tool is your vision: if it is very compelling, it will be attractive. Candidates have to agree with you that there is a huge upside. If you are targeting people straight from college (in my opinion, not the people you want), they have to general disadvantage of not recognizing a good thing when they see it. So check your target and make sure it aligns well with your vision. There may be other incentives you can provide that offset low pay such as work environment, culture, flexible hours, the technologies, used, benefits, etc. Seasoned candidates know to look at the entire package.