Hey readers,
I am always bothered by one question in my mind: How do startup founders “form the initial team” ? For those of you who have read my startup culture report, comparing US, Japan and Indian startup cultures, we touched on some of that. However, I would be very keen on hearing some views from you. To be more specific:
1. If one has an idea, what is the process one follows to find the “right partner” ? Is there such a process?
2. I quizzed about 20 famous, successful, serial entrepreneurs. Most did not have a good answer. The best answer I got is as follows, from the founder of Analog Devices:
a. 2 founders is the best scenario
b. both should complement each other in terms of skillsets.
c. 1 of them should be “technical/scientific” and the other a business guy and the leader.
d. The reponsibilities should be clearly dilineated.
thoughts? I think this is a good research project, which might help first time entrepreneurs…
-Shiva Venkatraman
shivav@sloan.mit.edu
- Rajat Gupta’s article: a classic - July 4, 2006
- How do founders meet and decide to “DO A STARTUP”? - July 2, 2006
- Startup Culture Report: Emailed to everyone who had asked for it - July 2, 2006
My two paisa worth :
1. Obviously need to have the comfort, trust and some sort of professional partnership as a starting point.
2. All the partners/ founders need have a common purpose i.e. is to become entrepreneurs.
3. They need to follow the same vision ( may be of one person or formed jointly)
4. Need to have the ability to go and present them selves as a team which Vc’s and others can relate to as a TEAM and not individuals.
5. And most importantly need to have the joint courage to taken on the project in spite of obstacles – VC’s ?
I agree with Krish that there is no set formula.
There are so many ups and downs while running a startup that even a very sensible and mature person can get disarrayed.
The best thing is that the partners know each other before they start working together. Well know each other doesnt mean that they have to be like close pals.
Just that you have been tracking each other for sometime.
So when you shake hands for a startup you know what you are getting into. You will be alot more comfortable. As pointed by Alok personal comfort is very important.
I wonder whether one can ever freeze on a `formula’ for founding a startup. Not everything in the world can be reduced to a Check list. Definitely not a startup.
A startup calls for a lot of multi-tasking and there’s only so much one can stretch. Keep all options open. The moment you find a sensible someone sharing the idea or even better, rope him in. If somebody says two is a right number, may be it was right for his business. For your business, you have to keep figuring out as you evolve. Normally startups don’t look the same going forward – you end up doing something totally different when you finally get to do it. That’s the way it should be and that means you adapt very well.
Hi Alok,
I agree in principle with your additions but the question is how does one go about finding their partner? The founder of Analog couldnt answer that but came close.
-Shiva
Add to that (somewhere at the top)
– Personal comfort and trust
– Commonality of purpose
– Conviction
I actually place skills set complimentarity somewhat lower, as long as long term roles are not the same.