Ascend, an early stage venture firm based in Seattle, recently hosted its annual Founders Bash where entrepreneurs gathered to network and learn about the dynamics of choosing the right co-founders. One of the most crucial decisions for an entrepreneur is selecting the right co-founders who can provide complementary skills, speed up productivity, and support each other through the ups and downs of building a startup. Past experience working together was highlighted as a valuable factor in choosing a co-founder, as it allows for a deeper understanding of how someone handles stress and what they value.
Colin Lamont, a veteran of the Seattle tech scene, emphasized the importance of trust in a co-founder, particularly during the challenging and stressful moments that often arise in startups. Ryan Steingard, a marketing leader, joined a fintech startup as a co-founder after working with his colleagues previously and recognizing their skills and character. Andy Liu, who has sold two startups, noted that the best co-founders are often those who have worked together before. Complementary skillsets were also highlighted as a critical factor when selecting a co-founder, as each person brings something unique to the table.
While investors tend to prefer startups with multiple co-founders, being a sole founder can have its benefits, such as moving quickly and maintaining control of the company. However, founder conflict is a common reason for startup failure, so it is important to choose co-founders who are committed and aligned in their goals for the company. Rachel Vrabec, founder of Kanary, shared her experience of initially starting her company with two co-founders who eventually departed, leaving her as the sole founder. Despite the challenges, Vrabec persevered and now leads a growing team that she describes as “amazing”.
For entrepreneurs seeking co-founders, networking and practicing a concise pitch are essential strategies. It is important to talk to as many people as possible to find potential co-founders who share your vision and values. Resources such as Ascend’s Co-Founder Connect program can also help entrepreneurs connect with potential co-founders in the Seattle and Pacific Northwest region. Ultimately, selecting the right co-founder is a critical decision that can set the foundation for a successful startup, and taking the time to find someone who complements your skills and shares your values can make all the difference in the entrepreneurial journey.
