Start solo or bring co-founders?  4 Factors to Consider - TechCrunch

Start solo or bring co-founders? 4 Factors to Consider – TechCrunch


Every way to do business is unique. I find the world of startups fascinating because the desire to solve a problem or need – often one you’ve struggled with – is too tempting to resist.

Taking this problem on your own as a solo founder can be daunting but also liberating. Alternatively, starting a company with co-founders can be productive, but it can have its own problems.

When I founded DocSend, I never had to consider whether or not I wanted a co-founder, because I knew I wanted to build a company with two specific people that I personally liked and respected professionally. But for many entrepreneurs, the question of whether you can take on the challenge yourself or want to have a co-founder by your side is not easy. It is understandable why.

Going solo can give you more control and the freedom to run the company as you see fit. It also means that you are the only one responsible for presenting the VC, leading the board meetings, staffing the team and making key decisions.

While the solo founder can invite executives and managers to help with this work and these decisions, the co-founders can balance the leadership team. They can bring different areas of expertise, their own professional networks and share responsibilities.

While data shows that solo founders are gaining more funding, a holistic approach to understanding your gaps and how to fill them is essential.

If you are starting a company or currently running your startup all by yourself, here are four things to consider when inviting a co-founder (or not).

Expertise

Every entrepreneur should objectively assess their skills and determine whether their skills are advanced enough to do business on their own. If you are not technical and you are setting up a technology company, you may need to find a co-founder to fill this gap, or at least a strong engineer to lead product development.

Even if you are technical and can start programming from day one, you need to consider other key business areas and decide whether involving a co-founder with expertise in those areas will enable you to gain a viable product, market traction and revenue. faster.

I contacted my network to find out how they felt about the decision. I recently spoke with Anet Okonkwo, co-founder and CEO of Chatdesk, about why he decided to bring in several co-founders and said that different areas of expertise are a major driving force.

“I’ve been thinking about the various features needed to make Chatdesk a success. Because we combine technology and personalized human support, it was important to establish three functions: technical, operational, and sales. I knew that if everyone could own the area, it would ensure that we achieved our mission, “he said.

The number of founders in your team can also affect your fundraising success. Our analysis found that Solo Founders were the most successful fundraiser, securing an average of 42 investor meetings and averaging $ 3.22 million, compared to companies with four or more founders, which averaged 30 meetings and averaged 1.7 million USD. .

While data shows that solo founders are gaining more funding, a holistic approach to understanding your gaps and how to fill them is essential.

Founding employee versus co-founder



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