3 Steps to Finding a Startup Co-Founder
May Samali maps the path to finding the perfect co-founder
Early-stage entrepreneurs often find themselves in one of two scenarios:
- With a great idea for a product, but without the skills to build it; or
- With a minimum viable product (MVP), but without the know-how to take it to market.
A common solution to this conundrum is to recruit a co-founder. But finding the right co-founder can feel like searching for a needle in a haystack.
Based on my experience working with entrepreneurs across the country, I’ve listed three guiding questions to assist early-stage startup founders in their quest for the perfect co-founder:
(1) What do I need?
First, start with an honest assessment of your skills and where you need help. What skills are needed to take your business to the next level? Are any of these areas where you have a skill gap? Bring someone on board who can fill your gaps. Strive to build a founding team with complementary skill sets but similar mindsets, and avoid the temptation to hire someone who resembles you. Your co-founder should be indispensable to your team, not your substitute. Combining technical skills with business development or operational experience is the formula for success.
But before you post a job ad, do your homework. Find the right language to describe the skills you’re searching for in a prospective co-founder. For example, a business development guru with no tech experience should do some research before finalizing a job description for a technical co-founder. What coding languages should your co-founder be fluent in? Will the co-founder be doing front-end or back-end development? Make sure you can accurately articulate the skills you are looking for.
Even if you have all the skills in the world, there is still a strong case for recruiting a co-founder with whom you can share the emotional burden of starting a company. Entrepreneurship can be lonely, so it’s no surprise many sole founders choose to partner up rather than go it alone.
(2) Who do I need?
Second, identify the personal qualities you are looking for in an ideal co-founder. Beyond a specific skill set, what attributes do you value in your founding team? Honesty? Optimism? Unwavering commitment? Relentless pursuit of excellence? Know what you want.
Being intentional about the attributes that matter to you is more than just warm fuzzies. The collective personality and personal qualities of your team really matters, not least because it impacts your ability to attract outside capital. As I mentioned in an earlier post, investing in early-stage startups is as much about investing in the team as it is about investing in an idea. In fact, many VC’s would rather invest in an A+ team with a B+ idea, than an A+ idea with a B+ team. So consider carefully whether a potential co-founder will help or hurt your cause. Many VC’s place a high premium on: past startup experience, domain and industry expertise, credibility, passion, energy, communication skills, and personality fit. Look for these qualities when sifting through the options.
Most importantly, choose someone you trust. Co-founder relationships built on trust are most likely to endure. Don’t forget, many startups fail due to conflicts between co-founders, poor team dynamics, or a lack of shared vision. Your decision to recruit a co-founder can make or break your startup. You must wholly and absolutely trust in your co-founder. Also, you’re likely to spend more time with your co-founder than your significant other. So choose wisely.
(3) Where do I find a co-founder?
Third, tell everyone you know that you are looking for a co-founder. The most powerful and promising leads will come from people you know. So search your personal and professional networks, far and wide. You should also check out accelerator programs, co-working spaces, hack-a-thons and business plan competitions for potential hires. Attending startup conferences and industry-specific events will also increase your chances of meeting the right co-founder. Alternatively, set up a profile on a co-founder search site such as FounderDating, CoFoundersLab, or Founder2Be. You might just find the perfect match!
Once you’ve found the perfect co-founder, though, your job isn’t done. For good measure, put in place a founders’ agreement that outlines your respective roles, equity, and the vesting rights of each co-founder.
A special thanks to Jeff Carlson for his kind and helpful feedback on this blog post.
May Samali is currently completing a Master in Public Policy at the Kennedy School of Government at Harvard University. She is also an advisor at Tumml, providing strategic support to Tumml’s cohort companies.
Tumml is an urban ventures accelerator with the mission of empowering entrepreneurs to solve urban problems. A nonprofit, Tumml has supported 100 entrepreneurs from 33 early-stage startups, working to solve community issues from homelessness to workforce development. Through a customized, four-month program, Tumml invites early-stage companies into its office space to receive hands-on support, seed funding, and services to help grow their businesses and make significant impact on their communities.
