24 Aug Choose Your Co-founder Wisely
Chose Your Co-founder the Same Way You Would with Your Husband or Wife
Do you know how much time you will spend with your co-founder? First, think of how much time you spend with your life partner. And now compare that with the time you spend with your colleagues at work. Now imagine, how painful, awkward, and unpredictable splitting up with your spouse can be. The same will apply for your co-founder, that’s exactly why it’s important to choose your co-founder wisely.
You don’t need to be friends, but it would be good if you at least like each other or have some similarities or common interests. There is the concept of the “look-alike” rule, which I personally use a lot when hiring or considering someone to become a co-founder for my next company. Would I be up for going for a drink with that person after work, to go through everything with them at the end of a day, to confide and discuss my thoughts and get straight and honest feedback? If the answer is yes, then it’s already a great deal.
In this video I describe some key tips and insights on how to look for, choose, and forecast an upcoming co-founder relationship.
We at Nanos work with the best scientific advisors on machine learning, computer vision and graphics. Our patent pipeline is larger than life and our technology’s transfer and integration has its own timeline which treads along with the software development.
0:57 How splitting up with your co-founder is the same as a divorce
1:47 The importance of having a good working relationship with your co-founder
1:55 Why mutual respect is key
2:41 Understanding their intentions before hiring them
3:29 Red flags to watch out for
4:24 When to cut ties
6:19 Other potential threats to watch out for
7:00 – What to include in the shareholders agreement
7:43 What if I want to hire my friend as my co-founder?
9:08 How to find the true character of a co-founder you don’t know
Check out these links for more tips:
✔ How to Be a Successful CEO
✔ Using 1-2-3 or In-Betweening As a Way to Reach Your Goals
✔ How Much Should You Pay Your Remote Employees?