I am seeking advice/ guidance on whether potential partners, investors and co-founders should be sourced within my country of Australia or would it still be mutually beneficial to work together with distance between us.
If you utilize investors/partners outside of your country you should consult with an attorney with experience in international business/entrepreneurship. If you make sure your contracts are solid, limiting yourself to your country could be just that, limiting. There are aspects of assets and seizure of assets that comes into play when you start getting into international business. In other words, you want to make sure that if your partner/investor is in another country if worst comes to worst and they have something they owe you, you can get what is yours.
You shouldn’t have much of an issue if you are doing business with reputable countries. Keep in mind you can always establish arms of your business in other countries in a way that protects your core entity where you are.
There is also something to be said about doing it from your home country for the sake of providing jobs and revenue into the economy.
I will say every coin have two faces . S o before taking any decision think about both face by acquiring knowledge and data of both side . And data is not theoretical , it have practical data and experience . Otherwise you will be confused . I can explain some pros and cons of both face by step by step .
Pros about outside country include
1. More number of customer from different countries
2. You have more option to chose resource like you chose technical and development team on low cost side and sell the product on more profits side
3.You will gain double experience from different country and many more.
1. Trust issue is the main problem
2. Although you both have agreement but believe agreement is just paper who provide safety not growth.So you both have good relation and understanding
3.People belongs to different region or county so you need uncommon thinking is very often . So try to avoid little fight with wisely.
4.Document and Agreement or other legal work can not be done easily
Partners belong same country:
1.Trust issue is less
2.Good Understanding and Relation chances high
3.Document and Agreement or other legal work can be done easily
4.You can work with same area and same office
1.In The business perspective there is probably have big hole
2. Business development cost may be increase
3. Customer area also shrink .
In short try to remove cons of both side and in which side you decrease the more possibility of cons chose that side .
My best wishes with you
Partners - anywhere, but you're unlikely to make much headway without building a relationship in person. The closer geographically the higher your chances. The farther, the more windshield time you’ll need to invest. Same goes for investors.
co-founder: this will be a relationship more intimate than a marriage - this above is 10x - 100x more important
Also make sure you are considering your strategic approach with your VC's and Co-Founders. Your business plan, if well written, will highlight your strengths and weaknesses. Go to the best people for your business regardless of where they are. As you know there are a TON of investors of all shapes and sizes. People love to talk about investors or ask about investors. "Do you have or know any investors" is as pointless of a question as they come. And while there is a debate about the "right" and "wrong" investor, there are right and wrong collaborators. Years ago, I was trying to help a CEO of a small startup with strategic partnerships. He kept talking about the shark tank. Had to get on the show. Aside from the cringe factor of that show and the fact that the guy who was representing me in the my deal with him (which I never told him) was Mark Cuban's lawyer and early investor, my advice to him was, "Anyone the "sharks" can go to, I can...and so can you. Why do you want to give up equity for the wrong partnership and bad marketing? (because it was too early)." Two weeks later, I had the CEO of the largest private medical supply manufacturer in the US, and the heads of R&D for Johnson and Johnson at the table. The moral of that story, one of those people was a billionaire, the others the decision makers for product line and I didn't go to them because they had money and I didn't go to them because of their name. I went to them because I knew they could scale up quickly, handle the manufacturing needs and distribution needs to make the company a success because of their domain experience and success. If I were you, that is what I would look for first...the chain strengtheners in your startup's chain that makes it strong...and whether that is in Australia or the U.S. or Germany..etc..that is where I would go. Viability will be defined on their end in viewing you and your company but must also be viewed on your end when viewing them. And when you find out who those people are, you find your shared passion points that will allow you to gain their interest and pay attention to you. Most likely you will be able to find at least one or two. Certainly, if you can find that in Australia and have that in person collaboration that is ideal.