If it's a past startup, yeah. If you're saying "I'll still be working on my startup while I'm working for your company", that's not a great idea. Effectively you're saying "I'll leave as soon as I can".
It really does depend on where you're interviewing.<p>List the experience either way, but "founder" tends to count negative far more than "lead developer". Companies are paranoid they'll hire their next competitor or a distracted employee who either pads their timecard while they work on their own stuff or jumps ship in three months when they can locate a seed investor to start their next company.<p>Replacing any employee is expensive, but software developers compatible with startup environments are far more so.