What is the biggest obstacle facing today’s entrepreneurs? The answer may surprise you.
According to one expert, it isn’t the search for funding, nor is it marketing their businesses. Mike Moyer, investor and author of Slicing Pie, says the biggest obstacle is finding the right co-founders.
In the mad rush to get their business off the ground, entrepreneurs are often desperate, says Moyer, and make the mistake of partnering with incompatible people. This, he says, ends up hurting a new business, in the long-run. Thankfully, one organization is helping entrepreneurs in finding suitable business partners in their quest to build that dream team.
Moyer was the guest speaker at a recent meeting by the CoFoundersLab ― an international organization of 10-thousand members designed to help entrepreneurs recruit, or connect others, with startups. In Chicago, they hold a local matchmaking event, four times a year, called Co-Founders Wanted of Chicago.
“Our mission is to get people together,” says Deon Bradley, Community Ambassador of CoFoundersLab in Chicago.
The local chapter has about about 500 members. Basic membership to the group is free. However, Pro membership offers several benefits including free event tickets, discounts on services, and the opportunity to promote their startups at events. Cost of the Pro membership depends on the monthly plan chosen, ranging from three months to a full year.
Moyer emphasizes the need for startup companies to establish a fair equity split among the founders, depending on their contributions. As a resource, he offers information from his book, Slicing Pie.
“You will run into problems if you don’t have a dynamic equity split,” he told the group. [Watch Moyer offer a detailed explanation of the ‘dynamic equity split’ in a previous interview here.]
The CoFoundersLab website offers other startup guidelines, as well as searches for potential cofounders and investors, and sources for legal consultation. ❒
[Photos by Tracy Martin. © Blackline Review]
