Talent for Tech: The proverbial ‘guy with an idea’, looking for a co-founder
Bringing one or more founders on board is the point at which your idea begins snowballing into a real business. For some, this happens organically: chatting with friends or colleagues can spawn an idea which is then carried through to fruition. For others, they may start with an idea and then look for someone with complementary skills to begin rounding out that dream team.
There is a lot of contradictory advice published in blogs about the best way to find a co-founder. Meebo CEO Seth Sternberg blogged on TechCrunch about stepping outside of your network to find this elusive person, since we tend to hang out with people who are similar to ourselves.1 Others suggest tapping into your network, since trust is the foundation on which to build a lasting partnership.
Adam Epstein of Huddlers is taking the former route, seeking out individuals that will buy into his idea. Alex Norman of HomeSav took the latter approach, teaming up with people he knew well.
Although taking opposite (yet equally effective) approaches, these founders do have a few things in common:
- They take their time with choosing a partner. For Norman, the entire process “felt a bit like dating.” He met with his prospective co-founders for months on end and spent a good amount of time weighing his decision before making any commitments. “Be patient with the entire process―it can take a while, but being selective is worth it.”
- They look for people with complementary skill sets. It’s critical to balance the strengths of your founding team―and to make sure that you have someone with technical know-how. Many of the online and mobile startups that MaRS works with struggle to build a product without this technical knowledge and, in some cases, are turned away by investors for not having a technical co-founder on board.
And where you can find that elusive co-founder? Here are some ideas to get you started:
Get plugged in
Get to know the tech community in your local area. Do this through social networking sites or through face-to-face gatherings. Meet with and talk to as many people as you can in order to grow your network. Follow interesting people on Twitter, and befriend interesting people on LinkedIn. The tech community in Ontario is small and well-connected. It will not take long for you to get plugged in.
Websites that aggregate local events include:
Popular ongoing events include:
Promote, promote, promote
Pitch your idea and your venture to as many people as you can. This includes family, friends and anyone you meet within the tech community. Put the word out that you are looking to build a team. Do not be afraid to ask people if they know of anyone in their network who might fit what you are looking for.
Certain events, such as DemoCamp and Toronto Tech Meetup, provide a forum for startups to pitch their ideas. Attend as many of these as you can.
And don’t worry about people stealing your idea. Eric Ries, author of The Lean Startup, asserts that the likelihood of anyone stealing your idea is slim. In fact, he challenges founders to call their biggest competitors and convey their idea. He argues that most likely the competition will not take any action whatsoever, as they’ll be too busy working on their own initiatives.2 Moreover, the key point is not so much about having an idea as much as it is about successfully implementing an idea, so focus on building a solid team that can execute well.
Finally, as you meet and chat with people, make sure to garner feedback and validate your idea.
Build a prototype
In Ontario, you may find people are more conservative about joining with a startup, and your idea may not be enough to reel someone in. Epstein learned this the hard way, admitting, “I was naïve enough to think there were others out there as passionate about sports as I am, and that my concept alone would bring people on board.”
One way to circumvent this challenge is to build a prototype of your product right away. This will not only help you communicate your vision, but it will give others more confidence. You’ll find people are more willing to jump on board once a product has been built and they can avoid the daunting task of building a product from scratch. So, get your prototype built quickly, and don’t focus too much on making it perfect! You can iterate later.
Once his product began coming to life, Epstein was approached by someone who had previously turned him down. As this person later told Epstein, “you’re no longer a guy running around with an idea and a business plan. You’re now a guy running around with a product.”
- Sternberg, S. (2009, October 22). Finding Your Co-Founders. TechCrunch. Retrieved January 22, 2012, from http://techcrunch.com/2009/10/11/finding-your-co-founders/.
- Ries, E. (2011). The Lean Startup. New York: Crown Business.
