There’s an African proverb that says “If you want to go fast, go alone. But if you want to go far, go together”. When it comes to building a startup, you want it to be sustainable and scalable. You may have the perfect idea for a startup and the financial resources to make it happen really fast, but how are you going to make sure it last? If you don’t have the right people to run the startup, it could turn even the most innovative startup ideas into a catastrophe. If you’re thinking about finding a partner or co-founder for your startup idea, there are some things you need to consider. That brings us to the next question; how can you find the perfect co-founder for your startup?
First things first: do you even need a co-founder?
There are many reasons why you have decided to build your own startup. Maybe it is purely to solve a problem that you have personally encountered. If that is the case, then it becomes personal and you will be hesitant to “share” your startup with another co-founder. But there are circumstances where you simply can’t do everything on your own, even on the managerial level. To help you decide, here are some pros and cons of going solo with your startup vs. having a co-founder:
Being the sole founder of your startup
Pros:
- You make all the calls. You have the complete creative control on how you want your startup to be.
- Little to no drama. Working with other people can be difficult sometimes. When you throw a bunch of people with different personalities working together every day for a long period of time, there is no shortage of arguments and disagreements.
- Speed things up. You don’t need to wait for others when you have a decision to make. If you want any changes in the production or execution level, you can simply make it happen without going through unnecessary bureaucracies.
Cons:
- You will get burnt out easily. Being a solo founder means you’re doing everything on your own. From making every decision on your own to making sure everything is organized and on track, it’s a lot of work.
- Loneliness is real. You will spend the majority of your time thinking and analyzing everything on your own. When there are no other people that can give you new ideas or brainstorm with, it’s easy to feel stuck and discouraged.
- It is challenging to scale up. You may be able to wear many hats for your startup, but that does not mean you excel in every single aspect of the operation. When that happens, it means slower growth and lack of the overall holistic direction for the startup.
Examples of successful startups in Southeast Asia started by a solo-founder:
- Diajeng Lestari, CEO, and Founder of Hijup (Indonesia) — an editorial and sales platform for Muslim fashion that Lestari started on her own in 2011.
- Ricky Ramsay, CEO, and Founder of CardUP (Singapore) — a payments company that enables individuals and businesses to use a credit card for all their sizable payments.
Having a co-founder for your startup
Pros:
- Assuming you chose your co-founder wisely; having a partner will lighten your workload. You will carry less weight on your shoulders. Whether it’s on a professional level or personal, having the right co-founder advising and giving you feedback can help make the journey less lonely.
- You have someone with whom you can bounce off ideas with. No two persons think alike all the time. Having a second opinion and a differing point of view can only help your company strategize better.
- There will be at least two of you! In those critical moments when you need to go to a trade fair or pitch to an investor and the stress runs you down, your co-founder can come to the rescue!
Cons:
- You will have to share equity. Nobody wants to work for free and it’s the most common sense when you’re choosing a co-founder that you’re willing to let a significant amount of your shares. It can be tough to share something that perhaps you have thought or started completely on your own. However, this is necessary for your startup to grow to where it needs to be.
- You will have to relinquish some level of control. A co-founder is an equal partner in your startup and will have a significant impact on the direction of your company. It is absolutely crucial that you find a co-founder that shares the same vision and mission for your startup.
- Sometimes conflict may arise when situations change. No one can read minds or predict how someone else will behave under different circumstances. When an unexpected scenario arises (say for example someone wants to buy the patent for your product but not your company) conflicts may arise. This is why formation papers should state as many possible predictable scenarios as possible.
Examples of successful startups in Southeast Asia which are co-founded:
- Siu Rui Quek, Lucas Ngoo, and Marcus Tan, Co-Founders of Carousell (Singapore) — a peer-to-peer mobile marketplace for buying and selling new and second-hand goods.
- Rachel Lim, Viola Tan, and Velda Tan, Co-Founders of Love, Bonito (Singapore)- home-grown online retailer created by women for women.
Where to find a co-founder for your startup?
You can consider some of these platforms and ways to find the perfect partner:
- Meetup Groups such as Co-Founders Matching Singapore where you can find aspiring co-founders with complementary skills and matching dreams in Singapore.
- Networking events such as “Meet Your Business Half” networking event hosted at General Assembly Singapore.
- Professional retreats such as “Unsettled Bali” for those who are seeking an intentional break from the daily routine, finding a new perspective, building new relationships and ideas, exploring among an incredible backdrop of people and place.
- Within your immediate circles, it’s always better to choose someone that you already know to build your startup.
Some platforms where you can find a co-founder:
- F6S — you can find or match with a co-founder based on skillsets, geographical location, and compensation level.
- Founder2be — you can connect with other individuals anywhere in the world with different skill sets and work on ideas to launch a startup.
- Antlers — a startup generator that helps aspiring entrepreneurs to find the right co-founders and connect them to a global mentor network with cohorts set in Singapore, Stockholm, and London
Above all, the most important question to ask in choosing a co-founder is whether or not you can envision your company to thrive in the future with that new partner in the picture. If not, then perhaps you need re-evaluate your reasoning in finding a co-founder for your startup.
Note: this article is originally written for Xyz Lab.
