Pathao, one of Bangladesh's most renowned startups, is reportedly on the search for a cofounder to help launch its next big idea. Pathao is one of the early startups in Bangladesh that ushered in the entrepreneurial revolution in the country. Even after becoming a successful and reputed organisation, they still have the starter mindset. This shows how important it is to find an entrepreneurial leader who can drive an idea to execution and build things for the customers. An essential truth about entrepreneurship is no matter how groundbreaking an idea is, the right team, starting with the cofounder, can make or break the business. The role of a cofounder is indispensable in managing the complexities of scaling up. So this brings to the question: why and how you find a co-founder. Let's discuss further in detail.
A cofounder brings more than just a complementary skill set. Venture capitalists (VCs) and investors often view single-founder startups as high-risk. They're concerned about what happens if the sole founder becomes overwhelmed, burns out, or lacks critical expertise. Banks, too, favour partnerships when considering loans. This shows that when a partner is unavailable, another partner can drive the business and ensure its continuation.
Often we see cofounder is the person who helps define and decide the culture of the company. He/she also sets the tone for collaboration, and ensures alignment with long-term goals. For instance, Steve Jobs and Steve Wozniak combined their visionary and technical expertise to create Apple, one of the most successful companies in history. There are countless examples of successful startups having multiple co-founders.
Following can be key factors in choosing the right cofounder.
Shared vision with complementary skills: When building for the long term, aligning on the big picture is non-negotiable, but having overlapping expertise can create blind spots. For example, Dhaka's booming e-commerce sector needs founders who can merge operational efficiency with customer-focused design. In fact, Chaldal had more than one founder on their team to start with and now they are immensely successful.
A long-term commitment to growth: Startups often face turbulent early years. You need someone who will stay through thick and thin. One needs to look for a track record of perseverance, whether in academic projects, past ventures, or even in corporate roles if the person never started something as a venture-- basically, someone who showed their ability to build things while enduring challenges.
Cultural compatibility: Hypergrowth businesses need cofounders who can nurture a healthy internal culture while pushing the company's boundaries. Google's Larry Page and Sergey Brin famously built an innovative and open environment, setting the tone for the company's culture as it scaled. This also caught in Silicon Valley and around the world. Whereas in Bangladesh, where hierarchical corporate structures are more common, finding someone willing to embrace and champion a startup's dynamic culture is important. If a co-founder's personal values are far off from each other then it's a red flag.
Same page on equity and compensation: Equity splits are a major point of contention for many startups. Clear agreements upfront can prevent future disputes. It's often tempting to offer equity as a stopgap for compensation but one needs to remember that this is a long-term commitment. So everything in life must be considered. Investors are more likely to trust startups where cofounders have meaningful stakes, while having a meaningful salary to stay focused.
Handling critical issues together: Starting a business means making high-stakes decisions under pressure. Consider scenarios where you've tackled problems with potential co-founders-did they approach challenges rationally and collaboratively? Stories like the early struggles of Airbnb's co-founders, who maxed out credit cards to keep the company afloat, underscore the importance of resilience and teamwork.
Bangladesh's startup ecosystem is still in its formative years. Startups like ShopUp and Chaldal demonstrate the importance of a strong founding team. The competitive landscape and resource constraints make it even more critical to have a cofounder who shares the same vision but also has the expertise and network to navigate local challenges; be it government regulations, scaling logistics, or securing funding.
Entrepreneurs in Bangladesh have their own tales to tell about the importance of co-founders. Take the case of Arif Hasan, founder of a Dhaka-based IT services startup. "I started solo, thinking I could manage everything myself," he says. "But as the business grew, I realised my limitations in financial planning and team management. Without a cofounder to share the burden, we struggled to secure funding and nearly shut down." Arif later brought on a cofounder with a business background, and the company is now on track to expand regionally. There are other IT companies which is led by both technical and business people or have complimentary skilled people on their CXO team.
Choosing the right cofounder isn't just about qualifications; it's about finding someone who shares your passion, complements your abilities, and is prepared for the long haul. In Bangladesh's growing startup scene, where challenges are high and investors are few, finding and getting the right co-founder is even more critical. Whether you're building the next Pathao or launching a niche e-commerce platform, you need to remember that the right co-founder isn't just a partner to divide tasks but they're the foundation of your success.
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