How do I succssfully attract a Co-Funder for a startup?

Dwayne Wyatt Looking To Build a Team, Programming and Marketing for an Urban Start-Up

Last updated on April 3rd, 2019

Hello all, our startup is the point where we need to build our team. We specifically are looking for a marketing person and a programmer. I’ve reached out to a number of people on Co-Founders networking site, with very little success. I am at a loss! Not sure what I need to say or offer to attract more interest. I would appreciate any ideas!

Dane Madsen Organizational and Operational Strategy Consultant

April 3rd, 2019

Have you just used CFL as your source, or all the others options like meetups, networking events, among others? What is it about your project that will excite them? Do you have a product? Do you have traction? What are you expecting from them? What value can you offer them (more than an "opportunity" in the future)?

Learning to sell - a team, an investor, a customer - is the most critical skill you should have as a founder. You will get far more "no" answers, or worse, no answer, and need to be able to move on to the next prospect. Each time, you should note what did not resonate with the person (team/customer/investor) and hone your pitch for the next person.

Chicke Fitzgerald

April 3rd, 2019

Dwayne - this is always the challenge, played over and over again for entrepreneurs around the world. There are a couple of things that have worked for me.

1. Use Mike Moyer's Slicing Pie for keeping track of all non-compensated time, no matter who is doing the work (including you).

2. Do not use "co-founder" lightly. This means they are in it through thick and think because they believe in it. There needs to be an agreement of what happens if they leave before you are to the finish line. Slicing Pie accounts for that fairly and equitably.

3. Surround yourself with people that you trust or that were recommended by people you trust. Don't partner with strangers. It can work, but it can also be very dangerous for you, as there are more stories of being "taken" than you would care to read.

4. Find a way to make some money so you can pay for the initial product (if you don't already have the MVP built).

5. Get someone to pay to use it, to prove the concept.

6. Focus on REVENUE not funding. The funding will come if the product has a market and people are willing to use it and you can be paid its value.

I'm happy to talk to you if you need support Dwayne. Good luck.

Jeff Chin Experienced Startup Pro. I've launched a few Saas Products.

April 3rd, 2019

Hi Dwayne. First, I'm a marketer, so I'd love to hear about what you are cooking up. Second, I've lead several startups so I have a little experience on the matter.

Most importantly, what is your idea? When you've spoken to people, what is the reaction? It sounds like you already have members on your team. What are you doing to show your prospects potential for success? Do you have a pitch deck?