You have a great idea for a business, but you don’t have the knowledge,
skills and relationships to pull it off yourself. What should you do?
It’s a question that is asked time and time again by plenty of
entrepreneurs, many of whom realize that founding a successful business
will require a co-founder. Unfortunately, finding a co-founder can seem
just as tough as getting a business off the ground.
After all, starting a business with someone else requires more than just complimentary knowledge, skills and relationships. It requires a good working relationship, and trust.
Enter Foundrs.com, which looks to take the risk out of starting a company with somebody you might not know so well. It offers what it calls “virtual incorporation“, which is basically a legal agreement covering who will get what if the new venture succeeds, and who will keep what if it doesn’t succeed and the co-founders part ways. In the future, Foundrs.com also plans to help match co-founders, online dating style.
It’s an interesting concept. There are a lot of individual entrepreneurs out there, but it’s difficult to start a new business alone. After all, it’s unusual for one person to possess all of the knowledge and skill required to get a new business off of the ground successfully, particularly in the tech industry. If you look at most of the most successful technology startups over the years, you’ll notice that most had more than one founder. Intel, HP, Microsoft, Apple, Google and Facebook are just a few examples.
But facilitating ad hoc founder relationships, as Foundrs.com is doing, is tough. That’s because there are so many intangible factors that contribute to a fruitful founder relationships. While it’s important that founders complement each other in terms of knowledge and skill, it’s also important that they have good personal relationships. Gordon More and Robert Noyce were colleagues at Fairchild Semiconductor. Bill Gates and Paul Allen were high school buddies. Sergey Brin and Larry Page developed a friendship in graduate school.
The kind of personal relationships that can serve as a foundation for a good professional relationship aren’t formed overnight. Foundrs.com says it allows an entrepreneur to “enrol co-founders you don’t know without risk,” the reality is that there’s always present in co-founder relationships, even if “trust” is present. After all, a good idea in the hands of a duo like Bill Gates and Paul Allen might very well succeed; a good idea in the hands of two people who just met is probably less likely to.
Is it possible that two individuals who click right off the bat could facilitate a great co-founder relationship through Foundrs.com? Sure. But for everyone else, when it comes to finding a good co-founder, nothing beats an investment in offline social networking and relationship building.