How to Find a Co-Founder For Your Startup?

Let’s say you have a product ready to hit the market. But product development is one thing and marketing is something else. So, what do you do?

You will team up with someone else so to distribute the workload and create something stunning that people will want to buy.

While finding a suitable co-founder for your startup is a difficult task, you still need a co-founder to achieve success. Let’s learn how to find business partners online who complement your skill set and can take your startup ahead with you.

But before we proceed further, let’s learn the difference between a founder and a co-founder for a startup.

Difference Between Founder and Co-Founder, Employee, and Founding Partner

A founder is someone who is calling the shots alone in his startup. This means he has a team working under him on salary and no one shares the equity.

A co-founder is someone who is part of the founding team. He/she can be an investor and a co-founder or a skilled person working as a co-founder. The only thing that differentiates him from an employee is that he shares equity in the firm.

Here is how startup experts have differentiated between a startup founder and a startup co-founder.

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Why Do You Need a Co-Founder for a Startup?

In most cases, a solo entrepreneur will have a hard time bringing success to his startup. He needs the help of skilled people who can manage different operations of the startup. For example, one founder can be good at management, while one can be good at product development. Similarly, one founder can be good at marketing, while another one can be good at programming. These are complementary skills and they are necessary to produce and market a product successfully.

At What Stage Should You Find a Co-Founder?

There is no fixed time as to when you should head start to find a co-founder. You can even get one during the ideation stage, or you can get one when your product is out in the market and you are looking to expand. It all depends on YOU!

Startup experts advise that you should get a co-founder when you have the basics covered. This means you should:

• Have at least an MVP or at most a marketable product
• Know what type of skills can benefit your startup
• Have an idea about how much equity you can give the co-founder
• Have a fair idea about what you are bringing to the table

What to Look for in a Co-Founder?

Once you have a fair idea about your own strengths and weaknesses, make a rough sketch of traits you need in the co-founder.

1. Someone who mitigates risk

First and foremost, look for a person who can mitigate risks. Investors are always on the hunt for a co-founder for a startup who is tenacious and liable. But, even if you are not looking to raise investments soon, the traits still remain the same. Find a co-founder who owns the startup and can communicate confidently about their own shortcomings.

It is better to search for co-founders from different backgrounds. Don’t just rely on single expertise such as ‘programming’, ‘management’ and so on. Instead, search for those who have a proven record of success with one startup.

2. Someone who helps you build

While you may want them to become a helping hand in your business, they aren’t just another employee. Find those co-founders who help you bring new elements to the business. Someone who is bold enough to inspire new ideas and pinpoint shortcomings in the current startup.

You need co-founders who not only reinvent the wheel but turn it into a drivable car.

3. Someone who helps you be In two places at once

Let’s say you have to attend a team meeting but there is an interview on this TV channel and you can’t miss it. Both are important for your product launch, what do you do in such a situation?

That’s where co-founders come in. One builds, the other one sells. Instead of getting a co-founder who closely matches your skill set, find one who is totally opposite to your skillset. If you are a developer, hire a marketer because this way you both can build and market the startup faster.

4. Someone who shows you a new perspective

Another reason to hire a co-founder is to see your startup (especially your product) from a different angle. In most cases, startup founders can’t find flaws in their products. It just doesn’t come to them that they can take a better approach to create the product. In most startups, the founders do a weekly meeting in which they cover the workings of the previous week and develop plans for the future. This also gives them the much-needed perspective to improve their products.

What Do You Need to Know About Co-Founders?

But before you go about searching for a co-founder, there are a few realities you need to understand.

1. One build, one sells

co-founders need to have complementary skill sets. If both are having the same skill sets, this means no one is bringing new things or ideas to the table. When the startup co-founders don’t bring anything new to the table, this eventually leads to the demise of the startup.

2. A marriage of minds

Think of adding founding members to your team as a marriage of minds. You need to compromise on some points just as you do in a real marriage to keep it alive. You also need to understand that this marriage is as important as your real-life marriage because it is your BREAD and BUTTER.

3. Breakups are life-threatening

As mentioned above, the marriage of minds is important, what if things go south? Well, this can be life-threatening to you. Why? Because co-founders tend to manage a major stake in your startup. Letting them go can be devastating to your business.

Where to Find a Co-Founder?

1. Personal contacts

Look for co-founders within your personal contacts. How about your colleague who might be interested in a side gig? Or, your school friend who had an entrepreneur spirit within him? You can also search co-founder within your extended network. Let’s say the friend of your brother-in-law who is running his own software house. Or, start a joint venture with an active investor who might be interested in bringing in the money.

The whole exercise starts with you pitching your idea to them. No one will know what type of person you are looking for or what kind of help you want unless you brief them about the details.

Also, don’t forget to mention your idea to your team leads and managers. They might know people who will be a great fit as a co-founder.

2. Co-founder matchmaking sites

Another way to find co-founder(s) for your startup is via the crowdfunding websites like Ziga App. You can easily find co-founders who will be interested in your business idea.

But with all the stereotyping attached to matchmaking sites, the big question is: Are they the right places to search for co-founders?

The answer is: Think of these apps and sites as a starting point for your startup co-founder hunt. Once you have some candidates, conduct their interviews in person or over the phone or on Skype, to know them better.

3. Social media groups

Next, search for co-founders on social media groups related to startups. You can find many experts who will be ready to be a part of your startup and lend their services for equity.

But just like matchmaking sites, you must be aware that there are many scammers on these groups and try to meet them in person before making any agreements.

4. Startup events and conferences

You can also find co-founders in startup events and conferences. If you are in a major city, finding startup events isn’t hard. They are happening twice every month, so finding a like-minded individual who is also interested in your startup isn’t so hard.