The following advice on choosing and working with co-founders originally came from Noam Wasserman, author of the legendary book Founder’s Dilemmas:
- Bringing in co-founders who have the technical expertise, sales background, or social connections that you lack;
- Creating a more diverse team gives you access to a wider, more diverse network;
- Avoiding co-founding with friends and family; the eventual conflict far outweighs the value.
- Creating a clear division of labor helps accountability and creativity to flourish.
- Having a plan to address problems. Don’t avoid conflict; make a plan for it.
(Quoted on a Profit Guide post, Build a team of founders investors will love.)
It’s a solid list but misses something hugely important. The best founder teams we have seen here at Forward Partners have had a deep and obvious mutual respect. A startup is a long and sometimes difficult journey and mutual respect gives relationships the strength to survive turbulent times.