Finding the right team is a crucial first step in any new venture. Out of startups that have failed, 23% said that not having the right team contributed to their failure.
Additionally, startups with two founders, rather than one, raise 30% more capital, grow their customers three times as fast, and are less likely to scale too quickly.
Like most things, the whole is greater than the sum of its parts.
The Right Combo
Many founders make the mistake of finding a co-founder who is exactly like them with the same strengths (yay) and weaknesses (yikes), rather than finding someone with complementary skills to make up for their shortcomings. Ideally, startups should mix skillsets and personality types. For example, having two techies who have no clue about business or two people who are shy and afraid of public speaking will present unnecessary challenges.
Just as important is finding someone who you can trust. Running a business, especially an early-stage company, presents many opportunities to do some shady stuff. Ensure that you have someone you don’t have to question their ethics or priorities and who can handle responsibility.
Below are places online that make it easier to connect with potential partners:
Don’t worry. It might be a long process. Sorry, no co-founders at first sight.