<\/p>\n\n\n\n
The adage \u201ctwo heads are better than one\u201d applies quite nicely to startups. <\/p>\n\n\n\n
Sometimes, we need someone to check our egos, question our plans, and cheer at our successes. But it takes a special kind of person to \u201cget\u201d you and your wild ambitions. And you\u2019re unlikely to find this person down the local pub. <\/p>\n\n\n\n
Finding a cofounder is more like dating – a prolonged, high-stakes, and sometimes fraught search for your perfect match.<\/p>\n\n\n\n
Three words: pattern, productivity, and purpose. <\/p>\n\n\n\n
Pattern<\/strong>. Facebook started when college roomies Mark Zuckerberg and Eduardo Saverin came together to build the world\u2019s biggest social network. Google began as a spare-time research project between Stanford pals Larry Page and Sergey Brin. The stats back up the anecdotes: 80% of the billion-dollar companies<\/a> launched since 2005 have two or more cofounders. That\u2019s a convincing pattern.<\/p>\n\n\n\n Productivity<\/strong>. It\u2019s simple maths – when divided by two, work gets done in half the time. Plus, working in isolation means there’s no one to point out the flaws in your logic or steer you away from shady paths. A partner forces you to question even your most basic assumptions. Often, the good ideas stand out and the bad ones get argued away.<\/p>\n\n\n\n Purpose<\/strong>. There\u2019s a reason it\u2019s called running <\/em>a startup. It\u2019s exhausting, exhilarating, and all-consuming. It’s easy to get caught up in the stress and hype and fundraising and fame and forget your raison d\u2019etre. Another human at your side can remind you who you are and why you started. They can also remind you when it\u2019s time to catch up on neglected admin, get an early night, or lay off the fourth frappuccino. <\/p>\n\n\n\n A few things to add to the \u201cseeking\u201d section of your founder dating profile: <\/p>\n\n\n\n A skill set that complements, not duplicates <\/strong><\/p>\n\n\n\n The right co-founder is someone who will complement your skill set and not copy it. Don\u2019t think another pea in your pod – think a whole different kind of vegetable (an imperfect analogy, but you know what we mean). <\/p>\n\n\n\n A different working style can fill gaps while you focus your unique strengths. The same goes for personality types. It’s like having an alter ego you can call upon when needed. Contrary to belief, conflict is often caused by too much similarity rather than not enough. Find someone you don\u2019t need to compete with.<\/p>\n\n\n\n An appetite for pressure<\/strong><\/p>\n\n\n\n Vulnerability to stress is not an attribute you want to see. Likewise with poor time management. You\u2019ll end up picking up too much slack, and an imbalanced workload is a fast track to resentment. <\/p>\n\n\n\n A healthy risk appetite <\/strong><\/p>\n\n\n\n You might think a level-headed, risk-averse type will balance you out, but that\u2019s what accountants and advisors are for. Look for passion and positivity – someone who will hop on board rather than dampen your enthusiasm. <\/p>\n\n\n\n There\u2019s a conundrum in cofounding: is it better the devil you know? <\/p>\n\n\n\n A person you know and trust has their upsides. You\u2019ll be familiar with their quirks. But if you know them too <\/em>well, things can get messy. Friends and family members may come with expectations of special treatment, even if they don\u2019t realise it. Close ties make it hard to have tough conversations. And you risk wrecking relationships forever.<\/p>\n\n\n\n You\u2019ll likely have a good grasp on their weaknesses. But do you ever truly know a person before you start a business with them?<\/p>\n\n\n\n The alternative is a random stranger. You\u2019ll get to know them through informal chats and interviews and hopefully some references from others. You\u2019ll set expectations and put agreements in place to protect you both. <\/p>\n\n\n\n Of course there are horror stories. People are not always as they appear. But this can\u2019t be a reason not to pair up, otherwise we\u2019d all be alone forever.<\/p>\n\n\n\n Thankfully, there is a middle ground – someone who comes recommended via your networks. Someone you know of <\/em>rather than know well <\/em>makes an excellent candidate. You\u2019ll still have to trust the people endorsing them, but it\u2019s an added layer of insulation against a problem personality. <\/p>\n\n\n\n If you\u2019re not encircled by swathes of loyal and trusted advisors, LinkedIn is an okay place to start. You\u2019ll get time wasters when posting your search publicly, but if you\u2019ve got connections in common, you should be able to get a handle on their personality, ability, and levels of trustworthiness. <\/p>\n\n\n\n There are also websites and internet forums where you can cruise for cofounders. Some – like the one from Y Combinator<\/a> – require applicants to go through a rigorous screening process before being accepted onto the platform. Others like CoFoundersLab <\/a>are more relaxed about who they take on board. <\/p>\n\n\n\n Then you\u2019ve got matchmaking sites like YouNoodle<\/a> and Angle.co<\/a>, and internet forums like r\/start-ups<\/a> and Indie Hackers<\/a>.<\/p>\n\n\n\n Cofounders can turn lonely endeavours into rewarding collaboration. But it’s not always rainbows and sunshine. Founders conflicts can be devastating for businesses. Harvard prof Noam Wasserman attributes 65% of startup failures<\/a> to founder disharmony.<\/p>\n\n\n\n As a rule of thumb, don\u2019t enter \u200ca partnership of any kind unless you and your business partner agree on the relative value of each party\u2019s contribution to the venture. If you\u2019re splitting equity 50\/50, how will each of you contribute 50% of the workload? What happens if you can\u2019t fulfil your end?<\/p>\n\n\n\n If you remain acting CEO, how will you manage the power dynamic? Does a title matter to them? Are they likely to feel undermined? What roles will you take in board or investor meetings? Are they prepared to take on \u201cgrunt work\u201d? Are you prepared to keep it on?<\/p>\n\n\n\nWho should I cofound with?<\/h2>\n\n\n\n
Where do I find my cofounder?<\/h2>\n\n\n\n
What should I beware of?<\/h2>\n\n\n\n