By Fernando Berrocal
Making a successful startup depends on a variety of different types of elements; however, the most important of these are the following:
- Predicting the market demand.
- Getting the necessary funding.
- Having a solid business strategy.
- Doing the marketing right.
Finding the appropriate team — especially, the right co-founder or co-founders – is; however, an important first step. Researchers conclude that around 23 percent of startups that failed claimed that not having the proper staff was a contributing factor in their eventual failure.
Having two founders on a team rather than one increases a startup's chances of success significantly. According to different research, businesses will raise 30% more startup funds, increase their client base three times faster, and be less likely to scale too soon. The combination of two completely invested founders is larger than the parts.
It might be difficult to find a co-founder. Founders can, however, use a variety of tools to discover someone with the appropriate skill sets to operate a startup. Here are some pointers on what to look for and where to search for a co-founder.
Find the Right Co-Founder Combination
Startups will have a better chance of succeeding if they have two equally balanced partners. Rather than selecting someone with complementary talents, many entrepreneurs make the mistake of looking for someone who is precisely like them. Startups should ideally have a diverse skill set. Companies should not, for example, have two individuals who are both tech-focused but have little understanding of the business or marketing aspects of running a startup. If one co-founder is a tech-focused worker, make sure the other has the business sense to balance them out.
Just as a startup should combine skill sets, personality traits should be mixed as well. Having two individuals who are terrified of public speaking, for example, would not benefit the business because they will have to pitch investors, speak with clients, present in front of accelerators, and so on. If one of the co-founders is shy, it's better to have a more outgoing co-founder who is comfortable speaking in front of people. The qualities of each co-founder will complement one another.
Find a partner who you can rely on
Founders must choose a partner they can trust in addition to balancing personality traits. People who run a business have a lot of opportunities to be dishonest. Co-founders might engage in ways that raise questions about a business's ethics or irreversibly damage the enterprise. It's critical to remember and find someone trustworthy who can manage responsibilities while seeking a co-founder.
While there are certain attributes that a founder should look for in a co-founder, there are others that businesses should evade at all costs. Controlling behavior is one of these traits. Avoid those who exploit their positions of authority to impose control over others. This type of person will do whatever it takes to get their way, whether it's making decisions without consulting other team members or manipulating others, which isn't a good way to run a business.
Startups should also avoid selecting a co-founder who is excessively concerned about pleasing others. This frequently leads to people not voicing their concerns or dodging disputes, both of which may be damaging to a startup's growth.
Where to Look for the Best Co-founder
It might take a long time to find the right co-founder. There are, however, many internet resources that make it simpler for people to meet possible partners. We will summarize them in the following list:
- FounderDating: This is a platform that allows entrepreneurs to find co-founders, business partners, or mentors. Joining FounderDating is a tough procedure, as the network analyzes each candidate to ensure they match the website's requirements. To access the network, users must have a LinkedIn account.
- YouNoodle: For startups looking for a new approach, this is a one-of-a-kind network that connects co-founders, advisers, and entrepreneurs through competitions and contests. Watching the competitions, several co-founders and entrepreneurs may be able to obtain money from investors who have been following the competitions.
To find the right Co-Founder for you, mix and match resources
Using internet tools isn't the only approach to locate a co-founder. By attending networking events and interacting with like-minded people, entrepreneurs may meet co-founders in person. They can also look for co-founders in social media; LinkedIn, in particular, has several groups that founders can join.
Take your time in looking for the right Co-founder
One of the most difficult aspects of starting a startup is finding the appropriate co-founder. It's also not a duty that should be taken lightly by founders. Founders frequently feel compelled to rush to the market because they have a brilliant concept that no one else has thought of. Taking the time to build the founders and the first staff, on the other hand, will offer businesses a higher chance of success.
Finally, since you now understand the importance of a technical co-founder but don't know where to find one, MassLight's Build-for-Equity program might be right for you. In return for an ownership investment, we provide your startup with a dedicated technical staff and support. While our software professionals create your product, you can focus on your core business.
Ready to bring your startup to the next level? Apply to MassLight’s next batch. MassLight supplies capital and a dedicated tech team. We take equity in return. Have questions? Refer to our FAQ page.