Ask HN: Starting up with part-time co-founder?
3 comments
I would not do it (been there done that).
Consider this: some (most?) VCs are wary of investing in startups where the founders are not 100% committed (i.e. no other fulltime job). It's worth reflecting on why they would be hesitant about such arrangements, and why you would choose to think differently from your position.
Consider this: some (most?) VCs are wary of investing in startups where the founders are not 100% committed (i.e. no other fulltime job). It's worth reflecting on why they would be hesitant about such arrangements, and why you would choose to think differently from your position.
Is securing venture capital the only acceptable outcome for a startup?
Not at all. Considering it from that point of view could help the OP come to a more informed decision though.
Fair response. More information is always good. By the same token, I'd encourage them if moving forward to consider bootstrapping, unless their specific goal is to build an app with a massive, massive global audience.
Sure.
But.
I would set some clear guidelines and deliverables. I wouldn't say "until first sale" but rather "for 4 months" or whatever timeframe you both think appropriate.
I would also discuss vesting and equity percentages. (I would think you'd have a larger equity sharesince you are taking on more risk.) Always a good idea to set up the "divorce" papers before you start working together.
And finally, I'd have good long discussion about why they want to be half in half out of a startup.
But.
I would set some clear guidelines and deliverables. I wouldn't say "until first sale" but rather "for 4 months" or whatever timeframe you both think appropriate.
I would also discuss vesting and equity percentages. (I would think you'd have a larger equity sharesince you are taking on more risk.) Always a good idea to set up the "divorce" papers before you start working together.
And finally, I'd have good long discussion about why they want to be half in half out of a startup.
You have limited founder slots. Put them in an employee or consultant slot. You can still give them equity, but probably a low amount. Startups are full of risks, and there will be many more situations where deserters will cause harm.
On the other hand, I have offered 50% share to people to do little. Sometimes you need an anchor to keep moving, but the part-time co-founder can be a poor anchor.
On the other hand, I have offered 50% share to people to do little. Sometimes you need an anchor to keep moving, but the part-time co-founder can be a poor anchor.
What they bring is industry knowledge, but not irreplaceable.
They have no financial obligation (to support family) so the refusal to deep dive full-time is more of risk aversion than financial necessity.