Co-founder On-boarding - How To?

Folaa·Aug 08, 2020

Posted in:Advice

Hello Elphas, I hope you're all having a great week. I need advise from the community on how to conduct / onboard a co-founder. For instance, did anyone work with intended co-founder(s) for a probational period to test for vision/value fit? If it didn't work out, how did you manage the separation without any IP issues?

elisabethtuttass·Aug 08, 2020

Team/Co-founder issues are the #1 reason why startups fall apart. Their relationship is comparable to that of a marriage. It's serious business. Here's what I would recommend as you are on your co-founder search:1. Thoughtfully consider who are choosing to become your co-founder. Picking the right co-founder is a decision and relationship that will last for years to come. But you already know this. Pick someone who you have established trust with. Ideally, your co-founder is someone you have worked with in the past in some capacity.2. "Hire" for your weaknesses. Don't pick a co-founder that has the same strengths and viewpoints as you. They should challenge and see blind points that you are not aware of. It takes a bit of self-awareness to know and admit what areas you need help and support in. This advice also goes to your first few hires.3. This is a relationship, and as with any relationship, it's a two-way street. As you are interviewing potential co-founders), discuss with them in detail what their expectations are and what THEY are comfortable with.4. If you are bringing on a co-founder as a current solo-founder, decide what business entity you will be and incorporate. Don't delay this or think you can do it later - this is so essential since you can run into so many legal issues if you are not incorporated. Things can get really messy, really fast. To ease your anxiety, it might also be worth having a consultation with a lawyer who specializes in startup law. This is an entirely personal viewpoint, but having a "trial" period gives me the impression that you are not full on-board on bringing on your co-founder. Now, don't get me wrong. I've had plenty of conversations with founders who got severely burned by a fellow co-founder or employee. A misfit can carry a considerable consequence. However, don't let fear take over past mistakes or situations. There will be a significant risk with any hiring decision, regardless of what the role is.

Folaa·Aug 10, 2020

Thanks @elisabethtuttass. This is very helpful.

SabrinaNunez2014·Aug 09, 2020

Love the advice elisabeth was able to provide!Also, i’ll suggest the following podcast:Gimlet’s THE START UP:https://podcasts.apple.com/us/podcast/startup-podcast/id913805339?i=1000319078929Good luck on your search!☺️

Folaa·Aug 10, 2020

Thanks. Would look it up

teresaman·Aug 09, 2020

Here was another thread where @adayeo shared their framework for searching for a cofounder: https://elpha.com/posts/eqqo75w8/a-simple-framework-to-assess-co-founder-fit. Interestingly, her line "Co-founder disagreement is a high up on the list of reasons why startups fail" entirely echoes yours @elisabethtuttass!Another resource to assess fit can be found here on First Round (there's also a full google doc template at the end) as well.

Folaa·Aug 10, 2020

Thanks @teresaman, I a looking it up as well.