Thread by @eriktorenberg

Thread on what to look for in co-founders and how to find them 👇

What to look for in a co-founder?

#1 Someone who can help you solve core risks to the biz. Identify core DNA & backfill accordingly.

#2 Someone who agrees w/ you on 1st principles of company building

There is a narrative that founders have to either be college friends or worked together before

I think this is less true than we think

Founders of Coinbase initially met on Reddit I believe?

Founders of Stemcentrx met on Craigslist!

You might be too afraid to fire your friend

Back when, ppl were embarrassed to say they met their spouse via apps, & instead prefer "at a bar".

Today, a curated app sounds more thoughtful than the randomness of a bar.

So with co-founders too: We'll laugh at how we preferred the randomness of school to an app or program.

Just like many marriages end up in divorce, and so it’s worth rethinking the dating/matching process—

One of biggest killer of startups is founder breakups, and so it’s worth re-considering co-founder matching.

If you don’t already have a cofounder in your network, how do you “date”?

Build top of funnel by:

- Telling the world what you’re thinking (e.g. writing a post, hosting a meetup, etc)
- Join On Deck (beondeck.co)
- Build an audience:

What to look for in a co-founder?

- Complimentary skills (how do you, together, have an unfair advantage?)
- Value-mission alignment (what success looks like, etc)
- Company alignment (who makes decisions, what tradeoffs you will/won’t accept)

You’ve found the person, but you don’t want to shot-gun--then what?

- Go on a road trip or other intense experience (e.g. live together)
- Do a hackathon (or work together in trying conditions)
- Meet the spouse and/or parents if you can (seriously!)

Non-obvious Q’s to ask:

In what ways are you crazy? What are your failure modes?

What was it like working with ex co-founders?

If this didn't work out, why not?

What's most important to you ($? Managing People? Fame?)

Who should be CEO? Who has the vision?

When picking co-founders, it's important to know:

"Are you the co-founder who has clarity around the vision or are you the co-founder that's gonna build it?"

Failure mode: Both think they're in charge of vision, & then they constantly butt heads over what direction to go in.

Another common co-founder failure mode: Different goals.

One co-founder wants to make $50m from their startup in 5 yrs, and another wants to never sell.

Sometimes you can reconcile different goals, you just have to ensure they're not incompatible w/ each other long-term

Talk early and often about:

- What success looks like (outcomes, culture, roles)
- Non-negotiables
- Who’s in charge in case of disagreement

On this last point: Make sure there is a clear CEO / tie-breaker

Work together under stress early so you can simulate hard times.

Early on also figure out:

- Personal runway & how much salary they'd need
- Other extenuating life circumstances
- 5-20 yr vision for their lives
- How each wants to scale w/ the company
- Equity split (prob 50/50)

You don’t need to be best friends. (Or even friends at all.)

You need to respect & trust each other, communicate effectively, and work well together in accomplishing company goals.

And not hate going to work every day.

Cofounder relationships are like marriages, and should be treated as such—something work on consistently.

- Read relationships/communication books (e.g NVC)
- Both see a coach
- Date first. "Try before you buy"

But just like marriage, if it's too much work might not be a fit.

What kills startups is never finding Product Market Fit & co-founder issues.

Minimize co-founder issues so you can maximize time spent on finding PMF.

Plus, most co-founder issues stem from not enough PMF to begin with.

Some stem from too much, but those are the good kind. :)

Treat co-founder search like any other recruiting process:

https://twitter.com/eriktorenberg/status/1239434500850872321?s=20