Building The Right Founding Team For A New Startup

The most important part of building any tech startup is having the right founding team. A good team ensures that a startup becomes very successful. Likewise, Startups with conflicting team members are more prone to failure. And so it is important to be careful when choosing a co-founder or team. This is because there is a high level of uncertainty in building any business.

If you assemble a team that’s not interested in the solution you aim to build, the startup idea may not even kick off. Below are a few things to keep in mind if you are planning to build a team for a new startup.

Most startup founders have a great idea. But they often lack a proper understanding of their vision and the problem they aim to solve. Having a great idea is awesome. However, one needs to be clear on his objectives and vision to attract a great co-founder or founding team. Team members must share the vision and belief you have for your startup before you recruit them.

Gather people with a diverse skillset

For tech startups, two or three functions or skills are crucial. These functions include product, technology and business skill. It is important to gather a team that covers the core skills required for your startup. You should also assemble a team with skills that complement yours.

Locate the best place to find talents

One of the best places to find the desired talent is within your network. Friends and colleagues can refer you to some talents you need. Likewise, you can look beyond your network by linking up with people in many startup communities. You should look out for talents at start-up-meets, business mixers and start-up forums on social media.

Alignment On Priorities And Outcomes

Just like every human being is different, partners have different personalities and backgrounds. For instance, you may be much more financially buoyant than the other team members. Others may even have better ideas on how to build a successful business.

Equity Sharing

Another important thing to bear in mind is how to split the startup shares. Equity should be either shared based on experience or the amount of money put in by the founders. So if one person invested more money, they can expect to get more equity. Also, if a product has become successful, new members can’t be considered founders and shouldn’t get any equity.

Finally, do not hire anyone else apart from the founding team until you are certain the project will be successful. Likewise, if you are going to build any company, be sure to take the founding team very seriously. Spend time thinking about the team as you would when you are looking for a life partner.