Finding a co-founder
Essential traits for a strong partnership
I have been approached by a number of founders, outside our portfolio of comapnies, looking for advice on securing a co-founder for their ventures and idea stage concepts.
As a key pillar of our ethos, partnership lie at the heart of what we do at IsimoVest.
The greatest partners I have are my life partner (life, co-founder) and my busieness partner. Both relationships are key to my everyday life, sanity and with people I can be myself among.
In love as well as in business life, you need to enter partnerships that enable you, that motivate you, that have your best interest at heart and you theirs.
A good partnership is characterised by a well timed and executable fit, like puzzle piece that just sits well.
The basis of partnership is respect and mutual benefit. These should be the guiding reason in intering a partnership with a co-founder(s).
Let me stop digressing and get to the matter at hand, essential traits in securing a good co-founder.
- Find someone that compliments your skillset
This statements is aways confusing, what is meant here is an indidvidual, or individuals that have skills that you do not possess, that will be able to do all the tasks you are unable to do, while you are able to do the tasks that they are not equipped for.
The allows for clear division of work, responsibilities and abilty for each partner to value and respect the other. - Your co-founder should be value-adding
One should enter a partnership to be able to add value and “contribute meaningfully” to the development of the venture.
Without value-add, there is no reason for partnering.
In many instances, due to the legislative frameworks in different territories, you are forced to find local partners or indigenious partners, even on this basis, the identified partner should be apprached based on value that they can add.
In the South African context, founders looking for a partner to meet the requirements of Black Economic Empowerment (BEE) or Broad-based Black Economic Empowerment (BBBEE), should do so with the expressed mandate to find a value-adding partner. Also, the receipients of the offer, should enter into such partnership on the basis of desired value adding elements they bring to the ventures as partner or co-founder. - There should be good chemistry between you
This is a core element to a lasting partnership, this is a connection that goes beyond the venture of business that you are building — can be characterised as a type of deep friendship that allows you to transcend mere colleague status.
This trait is evident in partnerships the likes of Larry Paige and Sergey Brin of Alphabet Inc. As well as the partnership and friendship of Warren Buffett and Charlie Munger at Berkshire Hathaway.
Both these examples showcase a chemistry that goes beyond the building of their businesses, but a shared vision, principles and ideology. - You must be able to trust each other implicitly
This goes without saying, afterall, the reason you are entering the partnership is because you trust them.
Life unfortuntately, has a tendency of highlighting some negative personality traits and attributes of people.
This is especially true in the start up environment, where it is highly stressful, and with occational pinches in cashflow and ability to pay for daily life functions.
Some of the worst elements of a person’s traits come out in the open, with signficant friction and on occastion, court action coming into play. - Find a co-founder who is fun to be arround
This may seem like an mudane notion, but as you spend more and more time with your co-founder and partner, you will need to spend that time, in the company of someone who is positive, fun to be around and who uplifts you.
You would also need to be that person to the other co-founder and partner.
All these elements improve the potential success of the partnership, and in so doing, gives poential to the effective execution of your business plan to make the venture a success.
However, as is the case in all things, this is not the full composite of required features and great partnerships have fallen appart, with all the listed elements.
Happy hunting, hope the partner you find and grow your venture with, will add immense value to your mutual business and your life.
