How to Find a Cofounder for Building A Million Dollar Startup?
A cofounder in a business is a founding team member & could be an investor or a skilled individual. The only difference between him and an employee is that he owns stock in the company. On the other hand, a founder is the sole decision-maker of his startup. This means he has a salaried workforce working for him, and no one shares in the profits. Having a cofounder has innumerable advantages but finding the perfect partner is a challenging task.
5 Best Tactics to Find a Startup Cofounder
- Cofounder Events A cofounder event is comparable to a conventional networking gathering but without the pleasantries. You simply have to pitch your concept to people and see how they react.
How It Works: You sit down with numerous potential cofounders for one to five minutes to determine if you immediately connect with the other person. If you do, you’ll obtain their phone number and go for further discussion with them. Allowing your intuition to speak for you is an essential part of these experiences.
Fun Fact: PayPal, one of the largest payment portals, had 13 cofounders. - Personal Network You can also look through your personal contacts & extended network for cofounders. Consider a friend of your brother-in-law who owns his own software company. Alternatively, form a joint venture with an active investor who is interested in bringing in funds.
You begin the activity by pitching your idea to them. Unless you tell your network people, no one will know what kind of person you’re looking for or what kind of assistance you require.
Tip: Take Your Team’s Help
Don’t forget to tell your team leaders and management about your concept. They may know folks who would make excellent cofounders. - Social Media Platforms You can look for cofounders in startup-related social media groups. Many professionals will be willing to join your startup and give their expertise in exchange for ownership.
Note: There are many scammers on these groups, and you should try to meet them in person before entering into any agreements. - Job Portals & Networking Platforms (LinkedIn) Another option for finding a cofounder is to post the vacancy on employment boards. Some job posting websites may refuse to accept job postings without a wage description, but don’t panic; there are plenty of job posting sites to choose from.
You must state how much equity you will be giving to the cofounder. If you are short on money, try using LinkedIn. The platform lets you post for free & has an extended professional network. - Cofounder Finding Websites There are literally tons of websites that allow you to find a cofounder among a long list. The problem is more common than you think, and these sites offer a solution for it.
6 Top Websites for Finding Cofounders
- Founder Dating Founder Dating is the leading online platform for entrepreneurs to meet cofounders. To gain access, you’ll need to apply and pay a fee, just like with a cofounder network. Founder Dating is one of the most effective sites for finding a cofounder, entrepreneur, partner, or investor.
Website USP: A collection of business-minded persons is classified into three groups in the network, Entrepreneur Network, Cofounder network, and advisor network. - Cofounders Lab The firm hosts in-person matchmaking events & is proud of its 40,000-strong network of entrepreneurs, mentors, and interns who, as a group, make a fantastic mixture for budding entrepreneurs and enterprises.
Website USP: The service is free to join, and unlike Founder Dating, there is no screening. - Start Hawk It is a new company aiming to build a network for entrepreneurs and cofounders to meet and discuss their ideas. Start Hawk works primarily by bringing together entrepreneurs and cofounders from all around the world. This company’s mission is to assist any entrepreneur in starting a business even if they don’t have the competence to develop it.
- Founder2be Find a cofounder for your firm on this website. Founder2be is a platform for cofounders, designers, marketers, developers, and other professionals looking for the right match. You can locate your cofounder in any shape or skill set you want on this website. You can also use the platform to establish your business, obtain your first clients, and raise money.
- Founder’s Nation Founders Nation is a basic search feature that you may use to find your cofounder or check out folks. Who want to be cofounders and are waiting for the right moment. It’s a pretty basic platform. Facebook may be used to log in, which is convenient. People who are looking at your profile should be able to see that you are a real person. Using the platform’s search function, you can look for cofounders in a particular location with specified skill sets.
- Code Army This is the spot to look for a cofounder if you have very little technical knowledge. You need to pitch your idea and be connected to the best Chief Technology Officer (CTO) with whom you will collaborate. Then, with the help of the CTO, launch your product. You may also look through all of the ideas on Code Army from other founders to pick one that fits your skill set and personality and then jump straight in as a cofounder.
Finding A Cofounder: Harder than Life Partners
So, this was all about finding a cofounder for your startup. Note that you must prepare your initial business presentation, hunt for the abilities you require, identify someone you can trust, & grow your network to find a cofounder.
