Many have been in this scenario: you have a good business idea, but do not know how to build the product. Or, you have deep technology skills, but lacking in business skills. In many cases, you are on the hunt for co-founders to help you build your business. The problem is, often you do not know how to start the process or where best to look.
Successful companies are usually started, and become successful, with the contributions of at least two people. People may recognize one founder as the innovator, but it takes a team to make a new venture work. Co-founders need to have both similarities and differences in order for a company to succeed. Here are the foundations that co-founders should share:
Having a firm vision assist co-founders to share a similar intuition for how the startup and market will evolve. If you are looking to create a global billion-dollar company, while your co-founders think it’s enough to create a simple company that pays the bill, you are definitely surrounded with the wrong people. You and your co-founders must be on the same page in order to be able to reach the highest goal possible.
Founders should share the same level of commitment. Does the startup, family, or a balanced life come first? It’s hard to make a startup work when the founders have different priorities. One founder wanting to work for two years and flipping the startup for a quick sale and the other wanting to create a company that will endure for decades will create problems. Ideally, find those that are committed to work with you all the way regardless of the circumstances.
Having said the above points, it is also important that you and your co-founders have different set of skills and perspectives in order to face difficult challenges:
At the very least, a startup needs at least one person to make the product (Steve Wozniak) and one person to sell it (Steve Jobs). Founders need to complement each other to build a great organization.
Having different perspectives certainly give an extra boost for startups. Some people like to sweat the details, while others like to ignore the details and worry about the big issues. Having different perspectives in old versus new design, design oriented versus feature oriented, and many others certainly help to grow the company. A successful startup needs different perspectives in each co-founders to succeed.
Do not rush in finding co-founders. They could be your best buddies, old acquaintances you met at a reunion party, or new people you meet at an industry networking session. You have all the choices in the world. Finding co-founders would be the second most important relationship in your life. In fact, it could be your most important one. So go slow, do it right, and hopefully do it once.
Written by Danny Widodo (KONSAATO)
Freeware Spaces is one of the first and pioneer CoWorking Space in Jakarta Selatan, Indonesia. Founded in 2012 and managed under GRUPARA INC (a technology startup investment institution/venture capital) to gather and help promising entrepreneurs to work and socialize together in order to reach their peak potential by sharing experiences and knowledge.
Started as a free working space for entrepreneurs and now have more commercial value because of the community that we have established.
FREEWARE has helped and facilitated more than 200 entrepreneurs throughout the years. 70% of the companies have raised investments from $15,000 to $6 Million from Venture Capitals throughout Asia.
Held sharing sessions by speakers & mentors from all over the world and other entrepreneurial events as well.