Welcome back to the Backseat Startup Podcast, where we give unsolicited advice to strangers on the internet. Today we are joined by Dan Keldsen, Founder of Plexicam.
A software engineer on Reddit is looking for a business partner to help turn their idea into a business, as they have tried and failed before. They have the software side of the business locked down, but need a business-sales-marketing minded partner to fill the gaps they cannot do. Dan and I discuss the process of finding a co-founder– and if this is even the right time for this technical founder.
It is important to take caution when looking for traditional equity-based partnerships and to do experiments to test out if the idea is good enough and if people want what is being offered. It is important to get feedback from others and not to be overly protective of intellectual property. It is essential to get the idea out there and receive feedback to see if it has potential.
Dan and I discussed the importance of getting feedback and customers before worrying about funding or equity. It is suggested that solo founders focus on getting the product in the hands of users and getting feedback to test the market and see if it is something people actually want. It is also suggested that startups have a higher chance of dying due to lack of awareness rather than someone stealing the idea.
"Your startup has greater odds of failing because no one knows about it than because someone steals your idea"
It is important to conduct research when entering into a partnership. One should be cautious and vet potential partners to ensure that the relationship is beneficial. This can be done by looking into their professional background and taking reviews into account. It is also important to be aware that jumping into a partnership too quickly can be difficult to undo, as experienced by the Dan. Overall, taking time to research and build trust is key when entering into a partnership.
It is important to do due diligence before trusting someone to become a partner, as the average co-founder relationship lasts longer than the average marriage. To find a potential partner, one should take a look at the person's network, vet the people they claim to have worked with, and ask others for their opinion. Speaking with people have previously worked with this potential partner is crucial. The relationship is too important to take this selection lightly.
