Finding the Technical Co-Founder

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By Ismet Balihodzic

Choosing someone to start a business with is a lot like choosing who you want to marry. You’re going to spend countless hours together and there will often be disagreements, but ultimately you know that you are both working toward a common goal — whether that is a successful business venture or a happy marriage. And if you need a technical co-founder?

If you’re building a tech startup and you don’t know how to code, you’ll need to find the elusive technical cofounder who can partner with you to bring your product idea to fruition. These days, finding a technical cofounder seems to be the equivalent to finding the Holy Grail. Every entrepreneur with an idea proclaims she could be starting the next Facebook if only she could find a technical cofounder?

But with demand for technical talent at an all time high, your startup doesn’t stand much of a chance of finding a first-class technical co-founder. Instead, you need to focus on attracting one.

The first step is getting into the right mindset: Stop right now with thinking you have the best idea and that this is all it takes. You may very well have the next game-changing idea, but that’s missing the point. A technical co-founder wants to build your company with you, not for you. So you need to show prospective co-founders more than simply an idea, and you need to make them feel like they will be part of that idea, not just working for you.

So, before jumping into business together, you should check some essential qualities in your future cofounder:

  • Complementary skills – The most common response we received from co-founders was to look for complementary skill sets in your business partner. You should look for someone whose strengths balance our your weaknesses, and vice versa.
  • Mutual respect – You should choose someone whom you respect, and someone whom you think is equally as intelligent and hard-working as you.
  • Alignment of Mission and Passion – It’s obviously important for both co-founders to be invested in the company, but making sure your goals are aligned is essential. You should also ensure that you both are on the same page regarding the future of the company.

And finally, it is essential to find a co-founder you trust unconditionally — someone who will take the pitfalls in stride and adjust gracefully.

Remember, you need to treat a technical co-founder like a true partner, not just the person who will write your code. The key to attracting talent is to show real, tangible progress and commitment.

See also:

5 Ways to get funding for your Business Idea

 


WEEKLY QUOTE : Mark Cuban on Failure

via – Startup Quote 

If you have made mistakes, even serious ones, there is always another chance for you.

What we call failure is not the falling down but the staying down.

IsmetBalihodzic @IsmetBalihodzic


Letting the Crowd Fund Your Small Business

Are you looking for money in all the wrong places? Banks, angel investors and venture capitalists don’t seem too willing to put their faith in eager entrepreneurs these days. So, if you’re tired of hitting funding hurdles, give crowdfunding a try. How does it work? Take a look

IsmetBalihodzic @IsmetBalihodzic

via – Intuit Small Business Blog


5 Steps to Crowdfunding Success

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By Ismet Balihodzic

Are you looking for money in all the wrong places? Banks, angel investors and venture capitalists don’t seem too willing to put their faith in eager entrepreneurs these days. So, if you’re tired of hitting funding hurdles, give crowdfunding a try.

 What is crowdfunding?

It’s an increasingly common practice that allows entrepreneurs to bypass angel investors and venture capitalists by directly asking people to invest in their company, typically online. The investors are regular people who chip in small amounts of money to help you achieve a stated monetary goal, simply because they’re inspired by your idea and want to see it grow.

Based on the principle of crowdsourcing.

An example of a crowdsourcing model is Wikipedia, an online encyclopedia that is completely written by users, containing over 3 million articles in English. A large number of people all put a little effort in reaching a big goal together. Some famous crowdfunding initiatives are SellaBand and KIVA, but also president Obama used the power of the crowd to fund his election campaign in 2008 and raised 137 million dollar by using crowdfunding!

How does it work?

1) Choose your funding model

If you choose the donation model and decide to offer rewards, you will need to think about the ‘tiers’ you offer.The more money people give you, the ‘better’ the reward you offer them. Think about how and when you will deliver rewards to the individuals that make up the crowd.

2) Write a good pitch

Perhaps the most important element is the initial script on the campaigns page. No matter the model you choose, your writing needs to draw the attention of the reader. Think carefully about what you are going to say and how you want to present yourself.

3) Keep your crowd updated

It is essential you keep the crowd informed of your progress throughout your campaign. Steady publicity is vital. You don’t want a situation where you almost get to the target, but then simply run out of steam.

4) Plan your timeline carefully

Since most crowdfunding websites ask you to set a time limit for your campaign, you should plan this timeline out carefully. Think about when you want key events to happen, like updates or certain target milestones.

5) Plan for the end of your campaign

So, you have successfully raised the target amount for your project – now you have to deliver on the promises you have made.If you went over your target, this may include promises about what you are going to do with any extra money you have raised.

And if it doesn’t work? PLAN B

Equally, when thinking about the end of your campaign, you should ensure you have a ‘Plan B’. If you fail to raise the target, what are your options? How will you continue to get support for the project? These are the questions that most people put off until the end of the campaign. By then, if things haven’t gone to plan, they are often ready to give up altogether.

Remember, there’s nothing to stop you from trying again. Perhaps a different website would be better, or just waiting until the time is right for your project. These are issues that must be taken into consideration in any good plan.

See also:

Barbara Corcoran on How to Win Over the ‘Crowd’

5 Ways to get funding for your Business Idea

 


Barbara Corcoran on How to Win Over the ‘Crowd’

– YouTube

In this video, Barbara Corcoran answer a business owner’s question about the best way to raise money from the crowd on site like Kickstarter and IndieGogo. And she said to:

– Be entirely genuine when you make your pitch

– Be creative with your unique rewards for investors

See also:

Barbara Corcoran on Inspiring Creative Ideas in Business

IsmetBalihodzic @IsmetBalihodzic


WEEKLY QUOTE – Larry Ellison (Oracle Co-Founder)

WEEKLYQUOTE

via Startup Quote

Sometimes the best way to predict the future is to invent it.

IsmetBalihodzic @IsmetBalihodzic


How Can You Increase Your Startup’s Chances of Long-Term Survival?

What causes sturtups to fail and which sectors are more or less safe?

TAKE A LOOK  IsmetBalihodzic @Ismetbalihodzic

 

– via Women 2.0.