February 15, 2015
I personally do not recommend the whole idea of founder dating in its true essence, because it's probably best to partner up with someone you know very well, most likely from your existing network. For those founders unable to find anyone in your network, then founder dating in some form is the only option left. So if you are looking to use a founder dating service such as CoFoundersLab, here is a strategic way to look at it.
Non-technical Founder seeking Tech Co-Founder
Say you are building a technology-driven startup in the US. One of the major costs that you will incur is technology. If you are a non-technical person looking for a technical co-founder to run the technology show for your business, then it's best to look on the other side of the world.
A basic MVP requires diverse skills such as user experience design, front end development, back end development, testing, and some kind of content strategy in place. You cannot expect your co-founder to do it all herself. It will take way too long to get your idea to market and chances are low that your co-founder might be adept at all of those skills.
Now every one understands that offshoring is substantially cheaper and a very luring alternative. However you always fear of picking the wrong team and receiving low quality work or no work at all.
So think about this for a moment. What if you select a co-founder who is on the other side of the world? Somewhere in China or India? The co-founder can help you build your own team there in China or India and make sure that work gets done and the quality is maintained. The cost will be one third and will stay like that for the entire journey of your company.
It's very possible that the chances of a healthy co-founder relationship are higher if you are not constantly together, experiencing each other's “dark side” every day. It's a strategic partnership for you both while the company is the common ground for both of you.
Of course you have to be careful to pick the right person. It's best to setup a few meetings and come down and date and pick the right partner.
There are a lot of bright people every where in the world, not willing to move away from their country. A lot of them are financially affluent too. However if they get a chance to still own a company in the US and if there is someone spearheading the show from there, it might become an attractive option to consider for them.
When you pick a co-founder, you might think that since it is your idea altogether you deserve a higher stake in the company. Understand that it does not work like that. Without the technical co-founder you will not be able to make your dream come true either. I recommend becoming equal partners. That keeps the morale high on both sides and it does feel like true partners.
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