START UP CO FOUNDER
Start Up Co-Founder
If you are a solo entrepreneur or group of entrepreneurs considering a new start up in the financial services, MGA, tech or legal services space, then you may be in need of a start up co-founder to share the heavy burden with. Ideally such a co-founder will also have an in-depth knowledge of both the insurance world and legal services sectors.
Here at Tibbington Consulting we have been involved in the insurance and legal services sector for many years and have been in Senior Manager and Director level positions in both established businesses and start ups throughout that time.
We know from experience the demands that are placed on new start up entrepreneurs, and the valuable help and assistance that can be provided by having an extra pair of hands and ears too refer queries to.
No entrepreneur can be all things to all people, and you will have a fairly good idea about your own strengths and weaknesses, and any traits that you may need assistance with from a potential new start up Co-founder.
Whether you are just at concept stage at the moment or whether you have a MVP proposal ready to go, it's always good to get an independent third parties opinion on your vision, especially from a start up co-founder with expert experience in the relevant sectors.
What to look for in a start up co-founder
1. Someone who can mitigate financial risk
First and foremost, you should seek a start up co founder who is able to mitigate both financial risks and non financial risks. Many investors will always seek out a co founder who is both tenacious and reliable, which is a given, but another essential trait which is often overlooked, is the ability to manage risks effectively. This is even more important if risk management is not one of your own core traits. New start up co founders should ideally have opposite and alternative skill sets and traits to those of the founding entrepreneurs to provide breadth and depth.
2. Someone who can help you build the business
Some new start up co founders are only used for financial investment and occasional input and expert opinion, and other than that take a back seat position. However, you may want your Co founder to become a bit more hands on and actually help and inspire you and the team to build your business. Whilst this may not be a full time role, it could certainly be classed as a part time position or advisory executive position.
You need a start up co founder who can not only reinvent the wheel, but also turn it into a drivable car.
3. Someone who can step in for you
Ideally you need your start up co founder to be as competent with your business as you are. For example, if you had two competing essential business meetings that had to be attended at the same time, you would be more than happy for your new Co founder to attend either of these in your place, and still feel comfortable that your companies best interests were being served.
4. Someone who can show you an alternative perspective
Another good reason to hire a start up co-founder is to see your own proposed business idea from a different angle. In most cases, start up founders can’t find errors or mistakes in their own ideas and visions. It just doesn’t come to them that there may be a different approach or angle they haven't thought about yet. having a cofounder can provide some very useful insight on alternative ideas.
If you would like to talk to us about a potential co-founder position within your start up business, please contact us below.
Alternatively, you may wish to look at our equity investment page here.