I am the founder of a B2B Service startup and feel the need of a co-founder with stronger expertise on areas where I lack, but at the same time, have the same passion about creating something new. I've been talking to a lot of people but never got the feeling that they would be a good fit or even be in the same page as me, especially those that are just worried about the money. Any advise out there?
I understand your pains since I am in the same process. My philosophy is the cofounders must complement each other best though individual is not the best. Talk to as many people as possible, being simple, upright, selfless and persevering, people will see more in you. Of course, potential CoFunders should value your ideas to the similar extent you do.
Regarding the money, pay them with what you can afford since everybody has different financial status. Sweat equity persons like me are those who truly believe in entrepreneurship and love adventures for the whole life.
I can feel your pain. As we know, an important factor for business to succeed is to focus. Now imagine a dozen people point laser guns into a night sky, will they point to the same direction? Probably not. But if you make the search a little bit wider, you might found two or more people point to similar directions. Here is my point: if it is hard to find the exact same area you are searching, try to widen your search area. You might find people we are both interested and skilled. And if your idea is good enough and you are a good leader, people will be convinced and follow you. Good luck!
maybe your network is not big enough, try to find the people who are better than you in any way and then go and talk to them without hesitation. Join business clubs or if there isn't any, why not organize one?
Are you profitable? Every time I get to the table with someone interested in a merger/co-founder/co-owner deal, and they find out we are profitable -- meaning they would have to buy their way in, or work for reduced wages to earn equity over time - that's the end of it.
I've done this dance three times in the last two years.
It's easy to find young, inexperienced, enthusiastic people who will work for peanuts (at least for a while) in the hopes of future riches. It's very difficult to find seasoned, mature, experienced professionals who want to enter into a partnership.
Let us know how it works out.
I have the same challenge.
at the moment I have the following view, which might be wrong though.
1) An equal cofounder needs to have the same vision on product and company direction and must put in the same risks as you which will not happen with people you do not know I think. Same counts for the other way around. I bet you are not willing to risk time and money with the wrong cofounder.
2) If 1 is true, you must start with forming deep relationships with a lot of people to determine if the fit is there. Doable but t will take 6 to 12 months I think. Need to drink lots of beers...
3) Another option could be to be perceived (perceived is important here. You can be a great leader but just not well known, or you can be a terrible leader but have great marketing skills. And of course all other combinations) as a great and inspiring leader. This will not be a equal cofounder structure. People will pay to work with you basically. It is like a famous rockstar having to select a women out his fan base that really loves him. Not easy as well...
4) If 3 is correct, you can however onboard more cofounders at very good conditions (low equity stake with hefty vesting clauses) so this might work
5) If the market and thus potential people do not see you yet as a leader in the field, it will take again probably at least a year to form that image
So my take, with time everything is possible but in most cases time is the limiting factor. On the other hand, without funding or cashflow, the company will be nowhere anyway. So I think this is one of the most challenging ways to start a business.
At the moment I am more busy with finding cashlow early on so the company can stay alive and pushed the cofounder search on second plan. During my journey for cashlow I might run into a cofounder however. When I can get cashflow running it is also easier to get funding. Especially when the company has a scaleable product. And with funding you can onboard employees (entrepreneurial types that want salary more than equity)
however, biggest drawback of my decision to start on my own is that I find it very hard to do everything myself. Way too much to do and apart from not having enough time, this also means it is very hard to focus on just a few things because somewhere in your head you know the rest needs to be done as well. On the plus side, I can decide very quickly. No time lost on points cofounders can argue about. But...if you can get one or more good cofounders? Go for it! I think it is an advantage in the end.
A strategic movement will always leads to development definitely in all aspects. In order to grow financially, one should listen to their inner self, think, understand , DECIDE , plan , and ACT. I could say that everyone wants to make themselves comfortable. There should be a genuine attraction(desire) and belief towards the activity. They've great attraction towards money and all they might need is belief. It's not just about providers all the time but also about seekers.
You need to realize that you gotta give some time to make some real money.
Don't underestimate the power of an opportunity!
Hustle and get paid!!!!!!!!
The Co-Founder Mythology – Both Sides of the Table by Mark Suster has covered quite a few things that relate to this question and I am summarizing this here:
I don't think it's that hard to find the passionate co-founder and I wouldn't go crazy about it, if I couldn't find the right match right away.
Just keep your eyes open and talk to people :)
What are the skills you are looking for that co-founder should have? What you lack?
I personally do not believe that you need to look for the "perfect" co-founder. I believe that it would be someone that would grow in relation to you, rather than have already been fitting to all your criteria.