Look For Someone...: IIT Bombay Alumni's Tip On Finding A Right Startup Co-Founder
A startup founder and an alumnus of the Indian Institute of Technology, Bombay, recently shared tips and tricks on social media platform X about identifying a suitable co-founder
The initiation of a startup represents merely the foundational phase in the progression towards establishing a sustainable enterprise, which is adept at accommodating the multifaceted demands of various stakeholders and fostering consistent expansion over an extended duration. However, a startup's capacity for expansion cannot solely rely on the leadership of a single individual; it requires collaborative support from others who contribute diverse perspectives essential for its development.
A startup founder and an alumnus of the Indian Institute of Technology (IIT), Bombay, recently shared tips and tricks on social media platform X (formerly Twitter) about identifying a suitable co-founder. He also underscored the importance of mitigating conflicts during critical decision-making processes if the selection is done right.
“When looking for a co-founder, look for someone whose definition of success is similar to yours. For instance, if you come from a small, middle-class family, an outcome of Rs. 5 crores might be huge for you. However, if your cofounder comes from a wealthy business family, for them, it might be peanuts. This might lead to a large difference in vision/outcome,” he wrote on X.
“For instance, you might be keen to pursue that client who will pay Rs. 25 lakhs a year because that brings you closer to your goal of Rs. 1 crore per year revenue by a fourth. However, your co-founder might not be interested in that client simply because they are aiming for Rs. 25 crores per year revenue, and this client would be just 1% of that,” the founder added.
He also talked about how differences of opinion can lead to conflict between the co-founders and eventually can result in killing the business. “Whether to pursue this client or not will become a question of how large of an outcome the founders are looking for. Differences in appetite might lead to friction in taking this decision. Friction leads to co-founder conflicts. Co-founder conflicts are the easiest way to kill a venture,” he concluded.
The post garnered numerous responses from users, thanking the founder for his insightful recommendations. “This is good advice, Aman. I was recently privy to a falling out between cofounders exactly because of such life expectations mismatch,” wrote one of the users.
“This plays even more strongly for downside risk. Some can chase a goal for 3 years without earning any salary, some would have major lifestyle challenges in a year,” added another user.
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