Ascend, an early stage venture firm, recently hosted its annual Founders Bash in Seattle where they launched a new co-founder matching program called Co-Founder Connect. The event brought together both seasoned entrepreneurs and those just beginning their startup journeys to discuss the importance of choosing the right co-founder. Many entrepreneurs highlighted the value of past experience working together as a key factor in successful co-founder relationships. Colin Lamont, who has co-founded three startups in Seattle, emphasized the importance of trust and knowing how a potential co-founder handles stress and values. Ryan Steingard, who recently joined a fintech startup as a co-founder, also stressed the importance of working with trustworthy individuals who are skilled at what they do.
Andy Liu, who sold two startups before launching Unlock Venture Partners, stressed the importance of working with someone whom you have previously collaborated with. He co-founded his previous startups with a colleague he met as an MBA student at Wharton, highlighting the benefits of familiarity in co-founder relationships. However, Stacy Saal, founder of Seattle-based startup studio Jelly Collective, emphasized the importance of having complementary skillsets when choosing a co-founder. Lisa Graham, co-founder of a textile recycling startup, also highlighted the importance of bringing individuals with diverse skills to the table when forming a founding team.
While investors tend to prefer startups with multiple co-founders, being a sole founder can have its advantages as well. Jeff Bezos famously founded Amazon as a sole founder. However, it is important to be aware of the risks of founder conflict, as 65% of startups fail due to conflicts among founders. Rachel Vrabec, founder of Kanary, originally started her company with two co-founders who later departed. Despite facing challenges, she persevered and now leads a growing company with an amazing team. She emphasized the importance of having co-founders who are significantly invested and ready to commit for the long term in order to successfully build a startup.
For entrepreneurs looking to find a co-founder, networking and practicing a concise pitch are crucial. Colin Lamont advised aspiring founders to talk to as many people as possible and refine their pitch to effectively communicate their vision for the startup. It is important to engage with the startup community, attend events like Ascend’s Founders Bash, and leverage resources that facilitate co-founder matching. Ultimately, finding the right co-founder is a critical decision that can have a significant impact on the success of a startup. Collaborating with individuals who share the same values, have complementary skills, and are committed for the long haul can make all the difference in navigating the challenges of entrepreneurship and building a successful venture.
