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Will A Co Founder Help Your Startup?
“A problem shared is a problem halved.”
This idiom applies even to the startup ecosystem. Having a co founder to share your problems with will considerably decrease the amount of work that can be completed in any startup. Although there are many reasons to build a startup ‘solo,’ a co-founder will provide the startup with an additional pair of hands, both metaphorically and physically.
We have compiled a list of 5 reasons why having a co founder is a boon to your startup.
1. Brainstorming Session:
While you might initially have come up with the idea for the startup, a co founder can help in improving the product through constant discussions and brainstorming sessions. Creative conversations to hone your product or service, understanding the market space, and to validate the pros and cons, a co founder helps you grow.
2. Shared workload and skill sets:
It’s been established time and again, startups are not a piece of cake. The workload only swells in size as the startup grows. Having a co founder means dividing the responsibilities. This way each of you can concentrate on the various aspects of building your startup better. Having a co founder with complementary skill set is the icing on the cake.
3. Funding Issues:
Investors and venture capitalists have been known to fund startups with multiple founders. A co founder provides a sense of security that they have more than one persons to rely upon and back each other up in case things go south.
4. Split expenses, profits, and loss:
Startups in the early stages generally do not have the support of investors unless they have been selected by accelerators. At that stage, a co founder is also a co funder. Major expenses will have to be paid for from your own pockets. Splitting the expenditure until the prototype is ready or until you have a sponsor will not burn a hole in your individual pocket. Same goes for any profit or loss the company incurs.
5. Emotional, moral and mental Support:
This is probably the most important advantage a co founder has to offer. Not everyone can empathize with you unless they have been through similar experiences. Since your co founder is living your experiences with you, he or she will be able to understand better, push you regardless of the set backs and just be there through the thick and thin. Because even Batman needs Robin from time to time.
A co founder definitely has a lot to offer. But it is important to find the right co founder for your startup. Someone who has the essential knowledge about your field and will be able to help you take your startup to greater heights. While there have been successful solo founders, it always helps to have another set of helping hands.
Let us know in the comments below if you think co founders are helpful or if you’d rather be a lone wolf!
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