How to find a co-founder
Why do you need a co-founder?
First things first: do you really need a co-founder? Didn’t Elon Musk become the richest person on the planet all by himself? Why wouldn’t a one (wo)man army get the job done?
Well, you can try it on your own, but it will be much harder. Two people know more than one, that’s simple mathematics. There’s also the shared burden. Building a startup is hard work, you will discover new problems and challenges every day, you will encounter setbacks every day. Pain shared is pain lessened.
That is why investors are rarely willing to invest in single founder companies. The founder team is one of the most important feature for investors before they make an investment decision. That is also why we at imec.istart don't admit single founder startups to our program. Thirteen years of experience show us that startups with two or more founders have a much higher success rate.
What makes a good founding team?
For us this means in terms of skillset, the more different, the better. In terms of area of interest and commitment, the more similar (and/or aligned) the better. Personality ideally is complementary but aligned.
Overall, we think that these 5 key elements are crucial to built a long lasting co-founder relationship from the start:
- Shared Vision and Goals: Both co-founders should have a clear and aligned vision for the company’s future. This includes agreeing on the mission, values, and long-term objectives. Take the time from the very start to sit together and go over these visions and goals.
- Complementary Skills: It’s important that co-founders bring different strengths to the table. One might be strong in technical skills while the other excels in business development, marketing, or operations. Within a tech startup, it's very difficult to succeed without a technical founder in the team, but there are exceptions to the rule of course. Without a technical founder the development costs can quickly rise and you remain (dangerously) dependent on a third party for your development. Investors know this as well. Some industries require a sector specialist as well. For medtech startups for example, it can be of great importance to have someone within the team (or at least in the advisory board) with a medical background.
- Trust and Communication: Open, honest, and frequent communication is essential. Trust is built over time through transparency and reliability, ensuring both parties feel comfortable sharing ideas and concerns. This is why we recommend working together with your potential co-founder on a project base first. In this way, you can get to know each other and your way of communicating and built trust from both sides.
- Conflict Resolution: Disagreements are inevitable, but how they are handled can make or break the partnership. Establishing a process for resolving conflicts early on can help maintain a healthy working relationship.
- Commitment and Work Ethic: Both co-founders need to be equally committed to the startup’s success. This includes putting in the necessary time and effort, and being resilient in the face of challenges.
How many founders?
There’s no one-size-fits-all answer to how many founders you need for a tech startup, but two to three co-founders usually does the trick. When you look at the stats of the number of founders of 195 unicorns, you will see that most of them had two or three founders.
At imec.istart, we also see that most of the applicants have two to three co-founders. Sometimes we see startups that have five or more co-founders, but this is not always in the best interest of the startups, because there are also challenges related to having more co-founders:
- Decision-Making Complexity: With more voices in the mix, reaching consensus can become more difficult and time-consuming.
- Equity Splits: Dividing equity among many founders can lead to smaller individual shares, which might affect motivation and future funding rounds.
- Conflict Potential: More founders can increase the likelihood of conflicts and disagreements, which can be detrimental if not managed well.
- Role Clarity: Ensuring that each founder has a clear and distinct role can be challenging, leading to potential overlaps and inefficiencies.
This is why we believe that two or three co-founders would be perfect to start your start-up adventure.
Where to find a co-founder?
- Talk with as many people as possible. Make sure everyone you know is aware of who exactly you are looking for. The more people know you are looking for a co-founder, the more likely it is that you get introduced to the right person.
- Attend networking events and get to know new people. These events are usually organized by professional associations, communities, Meetup, chambers of commerce, incubators and accelerators. They attract an interesting crowd. Try to connect especially with well-connected people like investors, program directors and community managers. The imec.istart also Find your co-founder event can be the perfect place to start making connections with like-minded people.
- Use social media to make a call for a co-founder. Use your LinkedIn profile to connect with potential co-founders or at least matchmakers you can point you in the right direction.
- The LinkedIn group STARTUP meets Co-FOUNDER is specifically created to connect potential co-founders.
- Be active in Facebook groups like BeTech & Startup Zoekt Co-Founder in Belgium. For the ones with an international focus; there is an active co-founder thread on Reddit.
- You can also publish and promote a vacancy on social media or Angellist, where you describe the co-founder profile you are looking for. Some recruitment platforms also focus on finding a co-founder. You can for example make a profile on the ‘Find a Co-founder’ platform from Meet My Job.
Don’t be too specific or too demanding yet, in this stage you are looking for interesting leads and inspiring conversations. - Use existing platforms built to connect potential co-founder, such as Tertle, Founders Nation, CoFoundersLab, StartHawk, Stealth.li.
The co-founder community platform
That's also why we launched an online Co-Founder Community - our own platform designed specifically to help you find the right partner. With 100+ active profiles, you can start browsing and connecting from day one.
Every month, we organize online speeddate sessions where you meet relevant matches in short, focused conversations. Whether you have an idea and need a co-founder, or you're an entrepreneurial mind looking to join a founding team, there's a place for you here.
