Procrastination is not an option for a start-up business. You need to act fast. But what if you’re a team of one? When is the right time to start looking for a co-founder?
There is no single answer, as each start-up has different requirements, each founder can bring something else to the table, and some companies may not need a co-founder at all. Here are a few scenarios in which you may want to start looking for a co-founder:
1. When you need a specific accelerator
Accelerators offer mentorships, access to technology, office space and an innovative community to help start-ups grow in a relatively short time frame. However, solo founders can be seen as a risk as they shoulder all the responsibility and the breadth of the tasks a start-up demands.
Accelerators would rather work with teams that include co-founders who have a history of successfully working together so that the growth of the start-up isn’t reliant on one person. Being a solo founder does not rule you out completely though, as long as you can articulate your reasons for not employing a co-founder.
2. When you’re feeling overwhelmed
Starting a business can be a daunting task, and sometimes you need that shoulder to lean on for support. With two or more of you working together, you can help each other solve problems and bounce your ideas around for feedback.
Having a co-founder also means you can divide the responsibility of attending the many meetings that come with starting a company. This should give you more time to focus on the product.
3. When you don’t have enough technical knowledge
To entice a technical co-founder with the level of expertise you will need for a tech start up, you should create a minimum viable product (MVP) on your own first, hiring people if needed. This is because techies of the calibre you need are much in-demand and will want to see evidence of your product’s viability.
4. When you have too much technical knowledge
If your problem is too much tech knowledge, rather than not enough, a non-technical co-founder may be required. The three types of co-founders a techie should seek out include:
- The Camp Director – selling the vision comes so naturally that they bring people into the business that you can rely upon.
- The Steve Jobs Protégé – articulate, with impressive credentials and an obsession with the simple yet perfect product.
- The Hustler – ‘scrappy’ but plugs away from different angles until they succeed.
5. When you forecast really fast growth
If your company has particularly high growth potential, forming a balanced co-founder team is your best option. At this point in time you need to be prepared to scale up on all fronts.
However, you must bear in mind that too many voices may be detrimental to the progression of your business and slow down decision-making. Nikhil Nirmel, CEO and founder of Lawdingo argues that sole founders are “able to make decisions more quickly than a team who needs to reach consensus. You can craft and execute on a very specific vision that is not diluted. A co-founder disagreement can kill a start-up.”
As you can see, there are plenty of reasons to seek a co-founder, but timing it to help your business grow can be difficult. You must make decisions based on what your business needs now and your goals for the future. By hiring the right co-founder your idea will grow into the successful organisation you know it can be.
Keep an eye out on all our upcoming events here, a great opportunity to network and who knows you may even find your next co-founder.
