Many startups have taken up a position on the startup graveyard not necessarily due to bad market ideas or strategy but more so due to the wrong team and partners.
Some other startups on that website are startups that the founder decided to run alone and succumbed in the process. Running a startup isn’t a walk-in-the-park talk more of doing it alone.
The importance of a co-founder in a startup can not be overemphasized, however before going out and seeking for co-founder(s) ensure that you already noted down the qualities and skillsets you need in your intended co-founder(s).
That being said, finding the right people who in addition to the skills they possess would take up responsibility and add value to a startup should be the focal point of a founder.
Some factors should be considered when outsourcing a cofounder, remember a startup can be likened to a marriage setup. Both succeed based on how well the parties involved can work together no matter their disagreement.
Though unlike marriage, your co-founder isn’t likely going to be your childhood friend, there are few exceptions though. Most existing startup founders have located theirs by scouring their
ecosystem.
Attending relatable events in your ecosystem such as Techstars Startup Weekend, in such events big shots, investors in the ecosystem attend.
There are also sites where one can search for co-founders such as LinkedIn, StartHawk, CoFounder slab,
In finding a co-founder ensure that your cofounder has the same passion for seeing the startup
succeed as much as you do or even more as the case might be.
When finding a co-founder, here are a few things to note:
Evaluate the skills needed
All the cofounder(s) must have complementary skill sets, this way someone is in charge of the technology angle another is in charge of getting sponsors and it continues. This way every cofounder lends their strength and the startup succeeds.
Never seek to impress
Don’t overly paint up the startup to impress your intended cofounder so the person can join you. They’d end up getting disappointed and the aftermath of that leaves a bitter taste in the mouth.
Be open to sharing
Now, not just the decision-making process but also the equity of the startup. Be open to not always having your way too, it will save one a lot of stress to remember that ‘I am not the only one in charge anymore’.
Clearly state the role you’re onboarding them for
There are lots of reasons why founders seek cofounder(s), hence the necessity of clearly stating it when talking to your intended cofounder.
Don’t assume, take your time and figure out the major role(s) you want the person or people as the case might be to play in the startup. Also, mention the level of commitment you expect from
the intended cofounder.
Research their working ethics and communication with others
You don’t want to bring in someone who would run you off your business or worse still sell it off without your notice because they want out.
Go researching about your intended cofounder, know what his/her work ethics are, is there an alignment in his/her core value system with yours.
Also find out how he relates to people, especially people beneath him careerwise, trust me you don’t want a face that people avoid as your cofounder.
These are the basic things to look out for when finding a cofounder, you might add some due to the peculiarities of your startup. Remember, two can work together only if they agree.
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