Where (and How) to Find a Cofounder

I have had 1:1 conversations with hundreds of founders. From PhD spinouts with 30 years experience to green, eighteen year old founders, I have heard some incredible stories as well as faced some difficult questions.

One of the most common ones I heard was:

“Where do I find a cofounder?”

Now, as someone who has cofounded my own startup, I stood in their shoes years earlier facing the similar phantoms of stress and uncertainty. But, I also had an incredible rock of a cofounder by my side.

I wish I could say amazing talented entrepreneurs grow on trees, but I would be wrong.

However, I would constantly give these pieces of advice:

Have a think about what you are looking for.

No one wants to date themselves…so you wouldn’t want two of you on the same team would you? My argument there is that then there is one too many!

Teams should be lean in the beginning, and your skillsets should complement each other. If you are highly technical, then maybe having someone who is more gregarious at sales would be beneficial.

Make an audit of the skills you have and a list of the ones you would be looking for in your dream cofounding team. (And if you need any help with that, be sure to check out the previous newsletter on Know Yourself Before Onboarding Anyone Else!)

Share that you are looking.

Sometimes I see solo founders sitting quietly hoping that a cofounder will come along. Often times, sadly there is no yellow brick road to the dream team.

People will only know you are looking for a team if you share it. Ask your peers, individuals from an accelerator, members in a startup meetup or organization. Let the universe know that you are looking because some of the best cofounding teams happen by referrals from other people.

Start small, but share often!

Look for where the talent is.

If you wanted to catch a whale, you would not be going to a pond.

Same things go with talent.

I recommend that everyone understands their local and greater ecosystem in terms of talent, and not be afraid to meet them where they are at. If you need a technical cofounder, you need to do your own due diligence on where these individuals hang out: think community groups, universities, upskilling or reskilling schools for tech skills, charities that empower people with technical knowledge. Make a list or CRM and start attending their events, registering for their emails lists, and connecting on Linkedin.

Best friends don’t always make best business partners.

This is the biggest mistake I see in the university acceleration ecosystem. You have a great friend, and you get along swimmingly. But, their business habits and attitude do not match yours.

My rule is: if you cannot fire your friend and still have a friendship, then I would think long and hard about having them as a cofounder.

Sometimes BFFs can make the dream team, but with others it turns into a nightmare.

Give yourself time and space to see if there is a connection and aligned motivation.

Like any relationship, these things take time.

Before immediately signing a cofounder agreement, give yourself some space and time to work to see if this is a relationship that could gel.

There needs to be similar motivation and drive towards advancing the business.

And, these things take work: you should be able to communicate openly, set objectives with each other, and hold each other accountable. But, you should also be able to have a lunch or a beer with them and not want to run the other way.

When you are starting to progress closer to that cofounder relationship, also think about a Founder's Pledge before you ever kick off a founder's agreement.

You cannot force a cofounder relationship.

Often times, founding a team happens organically. There needs to be this constellation of factors from personal circumstances, timing, and talent to take place. I know this is annoying as I wish there was a fast-forward button as well, but trust the process.

What about you?

Where did you find your cofounder? What advice would you give for a startup just starting out? I would love to hear in the comments what you think.

WHAT TO DO NEXT:

1. Listen or Watch the Everyday Entrepreneurship Podcast this week where we talk about the ins and outs of all things building an impact led venture.
2. Download the FREE Skills Audit Workbook: Know Yourself before Onboarding Anyone Else to really hone in on where you need to build your team.
3. Join my newsletter to get insider looks and tips on building a business!