As the tech space continues to evolve and stretch into every sector, it will become even more difficult to find a one-man startup. If it is a health tech, for instance, you might have a partner who is tech-savvy and another on the health side of things. If it is fintech, you will be seeing a mix of a finance expert and a tech person. Partnerships are going to become even more necessary for startups.
A partner is not just someone you should pick anyhow (especially if you are the brain behind the idea). In the early years of your business, you could find that you spend more time at your business than you get to spend at home. This literally means that you could be spending as much time as you spend with your spouse, with your partner or co-founder, maybe for the rest of your life depending on how long the business survives. In some cases, you could even be spending more time with your business partners. Clearly, it is not something to be jumped into.
Some founders talk about how they met their partners at a hackathon, a networking event, maybe an old school friend or a former colleague. Here are some things people generally look out for in partnerships.
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Complementary skillsets
This is one of the first things most founders tend to look out for. Every startup will require multiple skill sets and getting someone with complementary skillsets and expertise is of the essence. It works both ways in that each partner can guide decisions in his area of expertise and let the others handle their areas as well. The tech expert can stay behind the scene guiding them through the product development stage while the business manager person would do the interfacing with clients, investors, organizations, etc.
You want someone who can see your blind spots
There are areas you may not be quick to observe while making decisions, due to your expertise and experience. You need a business partner who will see through your blind spots. Having a partner who has the same expertise, experience, and perspective on issues may not be a major plus for you and may not translate into wholesome decisions.
Your partner should share your values
While shopping for complementary skillsets and expertise, you should make sure you don’t end up with contradicting values. When faced with market realities, most of the decisions you will make in business will be based on your value system. If integrity is a key value for you, you will take decisions to reflect the integrity of the startup and your person. If customer satisfaction is your value, your decisions will also align. If you have conflicting values with a partner, you may run into problems sooner than expected.
Other things
It is exciting that you pick someone who is as fascinated with your business idea as you are, but it is not enough reason to jump into a partnership with just anyone. Things will get tough at some point and this is when the start and partnerships of the fight begin to crumble. I think it is also important to consider the person’s temperament and general disposition.
I recommend working on a small project with the person first to see how it goes before you jump into a business partnership. The project may or may not be related to the startup but it is just for you to see how you two work together. How this project goes can help you decide whether or not you want a long-term business partnership with the person.