Hi, I've been looking for a co-founder for two years
But every time I failed, because the people who worked with me
The wages they applied did not work and after a while they were out of work.
How can I find a good and reliable colleague?
It took me 2.5 years to find my cofounder so I can relate. i think money shouldn’t be the driver for a cofounder. You need to have a clear understanding of who you want, use this platform and keep reaching out (yes! Spam them). Make time to meet people and most importantly, sell them your idea. Your cofounder must buy into your idea as much as your customers do, make them feel they are doing something bigger than themselves. Also, once someone has expressed interest, don’t ask them to join first. Get to know them well, follow up, have more meetings, keep your options open until you’re satisfied and happy
You need to reach to the people and discuss what you are looking for. You also need to understand their expectations and how they can be helpful to you and your business. Try to meet them on frequent basis so that you both can understand eachother. Discuss multiple things and opportunity. You both need to feel good and confident while working together. Some people are focused on result and some are focused on numbers ($$$). Try to differentiate and understand their mind thoughts. Once you get confident to work with anyone, then you have found your cofounder.
I'm looking for a (3rd) partner too and I'd like to share with you and incredibly useful tip.
I joined CoFounder's Lab accelerator and one of the first things I got from it was a webinar by Josh Wenner on how to find and, even more importantly, how to select a partner.
So I strongly recommend you contact Kasia Whites (firstname.lastname@example.org) and tell her that I suggested you to take that webinar and ask her to arrange this for you.
You'll learn simple and down-to-earth hacks on how to decide whether a candidate is for you or not.
But, surely, nothing will replace the act of keeping searching as all the other guys here suggested to you.
And, of course, and I fully agree with them, you need to look for a partner, not an employee, who'll have a stake, like a partner, not like an employee (after a vesting period).
Wish you luck and perseverance!
I like Andrew's simplicity, but would modify to include a vesting for both of you even if you did start it together. It is a mistake I made in a startup that haunted me; a "co-founder" who left (at my insistence) 18 months in but kept all his shares. Huge pool of dead, unproductive equity and a pain who was compensated as much as the remaining two co-founders 8 years later.
I have a question for the group. Do you ask for NDA to be signed before you share your idea with a potential co-founder?
A few requirements:
Complimentary, not identical, skills (i.e. if you are a geek, look for a 'CEO type' or 'marketing type'. Certainly not another geek);
Most partnerships end in grief. So if you started the company have a vesting period. If you start the company together, you don't;
Clearly delineate spheres of responsibility and autonomy;
s it only the money or is it the idea? This is a critical point for self reflection. VCs often say they will not finance you if you do not have a co-founder because it proves you can build a team.
However, unless that person is a real co-founder, a person committed to work with you when the days are dark and not leave because they do not have enough upside to stay, you have an employee, not co-founder. They need a path to significant opportunity (on a vesting schedule) to stay in those dark days. If you expect a co-founder to work with less than 10% - 25%, then you have an employee.
My answer for Ed:
No I wouldn't ask for NDA. I don't offer any partnership to the one I don't trust.
Leon - In the case of a partnership at the outset, where shares may be split in half per person, it would be appropriate to have a 4 or 5 year vesting. You should set aside a pool for future participants/contributors, especially if you will go for outside investors.
Where we erred was having 1 mm shares, 10% set aside for future use, and then the balance split 3 ways. What we should have done was have a 4 or 5 years vesting (I suggest 5 for founders with significant holdings). We also could have issued a far smaller number of a bigger "authorized" pool where the total was significantly less than the authorized. At an exit, unissued shares or options are canceled so they do not dilute the outcome, but it places a relative measure of the whole.
There also should be a clause in the shareholders agreement where dead equity can be repurchased at the Company's election (with a 3rd party valuation) to keep equity active and useful.
The problem once you have done some split, and a founder stops contributing (as happened in our case) is without a mechanism in place (vestions and a repurchase agreement) you will have a rogue stockholder to manage.
Have you already had a founder stop contributing?
Find someone you agree with and like to work with...then consider whether they'll be a good co-founder.