Startup Founders: When To Stop Flying Solo

Starting a business is a bold and exciting journey, but should you embark on it solo? At Startup Partners, we firmly believe that founding a business with a co-founder often leads to greater success and a more fulfilling experience. Many entrepreneurs can attest to the value of having a partner to share the ups and downs.

In my last article, I discussed equity dilution. Most often, the very first dilution event is when you offer an equity stake to a co-founder. With the company in its earliest days, and (hopefully) at its lowest valuation, this dilution is quite possibly the biggest dilution event you will ever face. That’s why it needs to be worthwhile.

Here’s why having a co-founder can be a game-changer for your startup:

Someone To Share The Load

Founding a startup is no walk in the park. It requires an all-in investment of your mind, body and spirit, and it’s every day for a long period. It’s a marathon run at sprint speeds. It’s easier to not burnout if you’re fulfilling your own dreams and working to your own vision, but it’s still completely possible. Running a startup often means wearing many hats, but no one can do it all, all the time. Whether you need a mental health day, a family break, or just a breather after a week of long nights, your co-founder can step in to keep things running. This mutual support is invaluable and helps prevent burnout.

Having a co-founder means you’ll always have someone to share the risks, challenges, and rewards. While advisors, mentors, and board members can provide guidance, there’s no substitute for a partner who is in the trenches with you, facing the same stakes.

Bezos doesn’t own all of Amazon, Zuckerberg doesn’t own all of Meta, and Buffett doesn’t own all of Berkshire Hathway. If these titans of industry didn’t go it alone, why should you?

Filling The Skills Gap

Leading a startup in its very earliest days relies heavily on the technical know-how, strategies and experience of the founder. In a very short time, often following the first funding round, these skills won’t be enough. This isn’t because the founder becomes any less valuable, but a single person is limited by two things; the volume of work they can complete and the range of skills they can cover.

No one is great at everything, and even if you think you can handle it all, it doesn’t mean you should. A co-founder can complement your strengths by excelling in areas where you may be weaker or less interested. For instance, while you might thrive on developing product strategy, your co-founder could shine at sales or operations.

Is The Founder The Best CEO?

One of the hardest points of inflection in a founder’s career is when (or even whether) to hand over the controls to someone else. On Day 1, when the company is no more than a company incorporation document and a dream, the founder is everything. On Day 5,000, when the company is a multi-billion dollar company (we hope), they’re almost certainly not the best person. It is very rare that the same person is at both ends of that journey. In fact, only 4% of Fortune 500 companies have founding CEOs, and even fewer of these were solo founders.

A Fresh Perspective

We all have blind spots—whether it’s how we manage teams, launch products, or tackle daily operations. A co-founder provides a second set of eyes to catch things you might miss, helping you make better decisions and avoid pitfalls.

Finding The Right Co-founder

Choosing the right co-founder is one of the most critical decisions you’ll make. It’s more important than picking a spouse—you’ll be sharing your vision, your challenges, and your future with this person. A strong co-founder relationship is built on trust, complementary skills, and a shared belief in your mission.

Some founders start their journey with a trusted friend or colleague they’ve spent hours brainstorming with. Others actively seek out a partner who aligns with their vision. Either way, finding the right fit is key to success.

Where To Find A Co-founder

If you don’t already have someone in mind, there are plenty of ways to connect with potential co-founders:

Tap into your network: Leverage LinkedIn, alumni networks, and personal connections to find potential partners. If you have already had conversations with potential investors, especially those in Venture Capital, they are likely to know someone who would be a great fit.

Go online: Platforms like CoFoundersLab, Founder2be, and FounderDating are great for finding like-minded entrepreneurs.

Recruit technical expertise: If you need a technical co-founder, as you are recruiting your talent, identify a candidate whose vision and values align with yours, and whose skillset is likely to add value. Well-qualified candidates, especially those who have been through a successful exit previously, may have the financial resources to forego salary for a founder’s stake in the company.

Evaluating A Potential Co-founder

Once you’ve found someone who seems like a good match, it’s time to assess their skills, experience, and compatibility. Ask these key questions:

• What is going to be their role? Are they bringing a particular skill that doesn’t exist? Are they supposed to be “another you”?

• Are they known, and where? Are they going to bring a skilled team they’ve previously worked with? Are they bringing investors with deep pockets?

• What is their long-term position? Are they a future CEO? Is their best fit to bring fast growth then leave in a few years?

Most importantly, ensure they share your core values and vision. Without alignment on the fundamentals, even the most talented co-founder won’t be the right fit.

Managing Risks With A Co-founder

While co-founders bring many benefits, there are potential risks too, such as unclear leadership roles, misaligned goals, or ownership disputes. The good news is that these challenges can be managed with clear communication and proper planning. Agree on responsibilities, set vesting terms, and document everything in a formal agreement from the outset.

Starting a business is a challenging and rewarding journey, and having a co-founder can make all the difference. With the right partner, you’ll not only increase your chances of success but also enjoy the process more. So, if you’re considering going it alone, think twice—business might just be better with a buddy.