How to Hire a Co-Founder for Your Startup?

 

Let's imagine that you are getting set to launch a product. But creating products is one thing, and selling is quite another. What do you do then?

Together, you will build something amazing that people will want to buy while sharing the workload.

Even if it can be challenging to Hiring a co-founder for your startup, you still need one to be successful. Learn how to choose a co-founder who can help you advance your startup and whose skill set compliments yours.

Before moving on, let's clarify the difference between a startup co-founder and a founder.

Difference between Founder And Co-Founder

A founder is someone who is the sole decision-maker in his startup. This indicates that he employs staff on a pay basis, with no one receiving equity.

A member of the founding group is referred to as a co-founder. He or she could be a skilled individual operating as a co-founder as well as an investor. The fact that he has equity in the company is the only thing that sets him apart from an employee.

Founders and co-founders of startups are distinguished in the following manner, according to startup experts.

and,

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

A single entrepreneur will typically struggle to make his startup successful. He needs help from qualified people who can manage the startup's multiple operations. One founder might be excellent at management, while another might be excellent at product development, for example. Similar to this, a founder might be excellent at marketing while another may be excellent at development. For a product to be produced and sold successfully, several complementary skills are necessary.

At What Stage Should You Hire a Co-Founder?

There is no set period of time when you should start your search for a co-founder. You can even get one while the idea is still being developed, or you can do it while your product has already hit the market and you are wanting to grow. It's all up to you!

When you get the fundamentals down, startup gurus say that you should enlist a co-founder. Therefore, you ought to:

• Have an MVP, or at the very least, a sellable product
• Identify the abilities that can help your startup.
• Know the amount of equity you can grant the co-founder.
• Know what you are bringing to the table with some certainty.

What to Look for in a Co-Founder?

Once you have a decent understanding of your own strengths and weaknesses, make a simple list of the traits you want in the co-founder.

1. Someone who mitigates risk

Look for someone who can lower risks initially. A dependable and passionate co-founder for a company is something that investors are continually looking for. Even if you don't have any immediate plans to increase capital, the traits still apply. Find a co-founder who can comfortably discuss their own flaws and who owns the startup.

Finding co-founders with diverse backgrounds is preferable. Don't only rely on one field of expertise, such as "management," "programming," or another. Instead, seek out people that have a track record of being successful with a single startup.

2. Someone who helps you build

They aren't just another employee, despite the fact that you may want them to assist you in your business. Find co-founders who can help you revitalize the business with new concepts. Someone bold enough to suggest novel ideas and point out issues with the current startup.

You require co-founders who can both reinvent the wheel and make it a drivable vehicle.

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

Imagine you have a team meeting to attend, but you also have a scheduled interview with a TV station that you can't miss. Both are essential for the launch of your product; what should you do?

Co-founders can help with it. One constructs, and the other sells. Instead of finding a co-founder with skills that are nearly identical to yours, go for someone with a completely distinct skill set. If you are a developer, hire marketing so that you can build and promote the startup more swiftly.

4. Someone who shows you a new perspective

Having a different perspective on your startup and, in particular, your product is another incentive to bring on a co-founder. Startup business owners frequently struggle to identify issues with their products. They simply aren't aware that there are better ways to go about creating the product. The majority of businesses' founders meet once a week to discuss the events of the previous week and set objectives for the coming week. Furthermore, it gives them the critical viewpoint they require to improve their products.

The Best Places to Hire a Co-Founder

1. Personal contacts

Look through your personal contacts for co-founders. What about your coworker who might be interested in a side hustle? Or how about your high school buddy who possessed an entrepreneurial spirit? You can also look for co-founders in your extended network. Assume your brother-in-pal laws owns his own software company. Alternatively, form a joint venture with an active investor who may be interested in bringing in the funds.

The process begins with you pitching your idea to them. No one will know what kind of person you're looking for or what kind of assistance you require unless you tell them.

Don't forget to share your concept with your team's leaders and managers. They might know someone who would be an excellent co-founder.

2. Co-founder matchmaking sites

Crowdfunding websites such as Concept Catalyst are another option for finding co-founders for your startup. You should have no trouble finding co-founders who are interested in your business idea.

But, given the stigma attached to matchmaking sites, the big question is: Are they the best places to look for co-founders?

Think of these apps and websites as a starting point for your startup co-founder search. Once you've identified some candidates, conduct in-person, phone, or Skype interviews to get to know them better.

3. Social media groups

Next, look for co-founders in startup-related social media groups. Many specialists are willing to be a member of your startup and donate their expertise in exchange for ownership.

However, as with matchmaking sites, you should be cautious that there are many scammers on these groups and try to meet them in person before entering into any agreements.

4. Startup events and conferences

Co-founders can also be seen at startup events and conferences. Finding startup events in a major city is not difficult. They occur twice a month, so finding a like-minded individual who is also interested in your startup shouldn't be too difficult.

5. Job Listing Platforms

Another option to find a co-founder is to post the vacancy on job posting sites. Some job posting platforms may refuse to accept job postings without a salary description, but don't panic because there are many job posting platforms.

You must state what equity you would provide to the co-founder.

5 Best Websites to Hire a Co-Founder

Although there are other internet platforms where you can find a good co-founder for your firm, here are my top five recommendations.

1. Concept Catalyst

Concept Catalyst is a fantastic site for anyone looking for a co-founder, partner, or investment. It links you with industry thought leaders so that you may scale your business efficiently with the right people. Concept Catalyst is mainly based on three networks:

• Entrepreneur Network
• Co-founder Network
• Co-founder Network

2. Startup Weekend

It is a 54-hour event that takes place over the course of two weekends, beginning on Friday and ending on Sunday. In just one weekend, every enthusiast gathers to build and market products.

It is a must-attend event for every entrepreneur looking to network with other business owners. According to statistics, more than 35% of the firms created using this platform on weekends have grown to be strong and are still prospering.

You will have the opportunity to meet a variety of industry leaders and shakers. If you're lucky, you might strike gold; perhaps an investor or a co-founder is willing to assist you in building a scalable firm.

3. CoFoundersLab

This is a community of over 35,000 entrepreneurs and mentors. It's an excellent combination for new entrepreneurs just getting started. You sign up for free, edit your profile, and start searching the network for your ideal co-founder.

You can connect with a maximum of five co-founders per month with the free plan. However, accessible subscription plans include capabilities such as contacting a big number of co-founders and having precedence in search results where entrepreneurs looking for co-founders can find you.

4. Founder2be

Match.com is for lovebirds, whereas Founder2be is for IT fanatics. There are developers, co-founders, and designers from all over the world. You can sign up without any rigorous checks and select a co-founder depending on your desired skill set. It acts as a link between you and your ideal team. You may easily find a co-founder and communicate with him or her in minutes.