If you’re chasing the startup dragon, one of the most important decisions to make will be choosing the right co-founder(s). Here are some extremely valuable lessons that I wish I would’ve known years ago.Co-founder dating and finding success by partnering with the right people.
Awareness
Increase awareness and attract more potential co-founders
- Reach out to your existing network
- LinkedIn, former colleagues, existing advisors, etc.
- Join related communities – the more niche the better – and engage with people
- Explore accelerator, incubator, and startup programs
Nice to Haves
Soft constraints that are not deal-breakers
- complementary skillsets
- good background on paper
- solid network access to funding
- geographical location
- Don’t deviate too far from these broad strokes
- Joining hands as co-founders is an important decision
Collaboration
The main goal of this phase is to get a feel for how well you work together in practice, what your respective roles might end up being, and whether you like spending time with this person.
- Scoping out a few time-boxed project ideas
- Is this person proactive or are you leading the way?
Partnership
The final stage of the co-founder dating process is actually joining together as partners.
- You make a commitment towards building a company together
- Are you confident that you can trust them to have your back when nobody else does?
- Take a leap of faith and make a go of things together
Balanced Level of Experience
Do i feel like this person is a peer and someone who will make me a better version of myself?
- Would this person make a great employee or an advisor or co-founder, etc.?
- Does this person have a solid understanding of how the game works?
Consideration
Open up your DMs and prep your calendars
- The main goal of this phase is to get a feel for each other and to ensure that you’re aligned on what I refer to as hard constraints
- A hard constraint is a factor which is a must-have for you to work together
- Soft constraints are factors which are nice-to-have but not deal breakers
Vibe, Trust, and Culture Fit
You need to trust this person to have your back no matter what.
- Would I be excited to hang out with this person outside of work?
- Does this person have an ego? Is this person genuinely interested in getting to know you? Is there a conflict of interest?
Pro Tip
Put together and share some initial thoughts & research ahead of time
- Immediately stand out from any other networking meetings they’re having
- Set the tone up front that you know what you’re talking about, that you care about this space, and that you value their time
Alignment on Vision
Only want to partner with co-founders who have a strong intrinsic motivation to work on the same problem, space, and target audience
Alignment on expectations
How much equity are you both expecting?
- Are you looking to raise VC or bootstrap? What’s your timeline? What are your expectations on full-time vs part-time? Are you open to joining an accelerator / incubator? What type of company do you want to build in 5 years?
