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Do I go at it solo or should I have a co-founder?

Mar 25, 2022

startup cofounder decisions

If you are unsure whether you should manage a startup business alone or with (a) co-founder(s), first consider the benefits and disadvantages of both sides:

Solo

  • Potential for less startup costs (fewer salaries, fewer people to support)
  • Allows you to set your vision by yourself, and you make all the decisions
  • Less potential for conflict (well, none if you’re by yourself), BUT…
  • It can get very lonely and carrying all the responsibility yourself is daunting
  • Investors often refuse to back solo founders and prefer backing teams

With a partner

  • More likely to have a broader range of skills and experiences (which can only be a good thing)
  • Less likely to head in the wrong direction as you can bounce ideas off each-other and act as sounding boards
  • You get to share the stress, the costs and responsibility, BUT…
  • Conflicts can happen and having a co-founder is very much like being in a relationship (or a marriage) and takes a lot of work

It’s worth considering a few points when taking on a partner:


Are you equally committed to making this venture work both financially and from a time perspective?

Make sure you both (or all if more than two) have similar expectations of the commitment you’re bringing to the table.


Do you like each other?

You will spend a lot of time with your co-founders. A lot of that time will be in a stressful situation, so you should find people whose company you enjoy.


Do you have complementary skills?

Two heads are better than one. Assess your skills and see how they complement each other (or not). When you’re starting, you need to be a master of many professions (accounting, business development, marketing, compliance, human resources, sales, vision etc…) so it makes sense to find co-founders who are better at and more enthusiastic about certain tasks than you are.


Last but not least, make sure you discuss early on what will happen if there is a conflict, how decisions are made or if one of you wants to leave. It’s always better to have those difficult discussions when you’re on good terms than further down the line under stress.

Why women are a success strategy

Women cofounders are still sorely lacking in the startup world – as well as on boards of big companies. But times are changing as people realise that putting a women in charge is a strategy that supersedes ‘any growth hack that has been in practice all these years’:

  • Private technology companies led by women are more capital-efficient, achieving 35% higher ROI, and, when venture-backed, 12% higher revenue than startups run by men, according to the Kauffman Foundation (Source).
  • Women founded companies in First Round Capital’s portfolio outperformed companies founded by men by 63% (Source).
  • According to a survey commissioned by McKinsey and Company, European firms with the highest proportion of women in power saw their stock value climb by 64 percent over two years, compared with an average of 47 percent (Source).

What our startups say about having co-founders:

“My founders left along the way. It is important that you think about this when you start working together. If you break up after a while, there are always discussions about money etc. I see this everywhere around me. Put things on paper to avoid big fights.”

Chantal, Co-Founder at Kromkommer

“Having a co-founder is incredibly important. I think you’re crazy enough to start a business with a co-founder, let alone without one. One of the most important things you do early on is figuring out what you don’t know and it’s probably most things, so find someone who can complement what you bring to the table. Plus, it’s more fun… you get to share your success with someone else and you get to provide therapy for each other when things aren’t going so well.”

Dan Kurzrock, Co-Founder and Chief Grain Officer at Regrained

Read more at: startupmanual.eitfood.eu

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If the personal data we hold about you is inaccurate or incomplete, you have the right to have this information rectified or, taking into account the purposes of the processing, completed.

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In some circumstances, you have the right to the erasure of your personal data without undue delay. Those circumstances include:

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In addition to our right to store your personal data, we may still otherwise process it but only:

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You have the right to object to the processing of your personal data on grounds relating to your particular situation, but only to the extent that the legal basis for the processing is that the processing is necessary for:

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If you make such an objection, we will cease to process the personal information unless we can demonstrate compelling legitimate grounds for the processing which override your interests, rights and freedoms, or the processing is for the establishment, exercise or defense of legal claims.

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To the extent necessary or appropriate, EIT Food may disclose your Personal Information to external 3rd Parties, such as IT consultants carrying out testing and development work on our IT systems and other service and software providers who we may appoint as data processors such as e.g. for CRM purposes.

Where applicable, we will impose appropriate contractual, security, confidentiality and other obligations on to 3rd party providers and processors we have appointed, based on the nature of the services they provide to us. We will only permit them to process your Personal Information in accordance with the law and our instructions. We do not allow them to use your Personal Information for their own purposes and when our relationship ends we will ensure your Personal Information is securely returned or destroyed.

The above mentioned third parties may be located both within and outside the EEA. In the latter case, we will take the necessary measures to ensure that your Personal Information is adequately protected, secure, kept confidential and that we have a lawful basis for the transfer.

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We have put in place appropriate security measures to prevent your Personal Information from being accidentally lost, used or accessed in an unauthorized way, altered or disclosed. In addition, we limit access to your Personal Information to those employees, agents, contractors and other third parties who have a business need to do so.

We have put in place procedures to deal with any suspected Personal Information breaches and we will notify you and the applicable supervisory authority of a breach where we are legally required to do so.

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We will ensure that any transfer of personal data to countries outside of the European Economic Area will take place pursuant to the appropriate safeguards.

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The RisingFoodStars (RFS) addresses early scaleups that are past the ideation phase with a solid customer base, and ready for global market expansion. During this programme, we help companies to grow and scale their impact faster – through market testing new ideas, support from experts in the food industry, tailored networking with our world-class corporate partners, and privileged access to our investors community. Programme members are also invited to join a consortium of leading industry and academia to co-create in part-funded agrifood projects

The EIT Food Accelerator Network (EIT FAN) is a four-month programme that aims to fast-track science and technology-based innovations that are helping to solve global food system challenges. The programme is managed by our leading EIT Food partner organisations, operating from different regional hub locations in Europe. Each hub connects impactful agrifood startups with industry-leading corporate and research partners, to pilot innovative technology, and drive the ultimate goal of every business: a successful market adoption.

This is your opportunity to move your startup beyond acceleration – to become part of a rich ecosystem of business and research institutions, setup to help you transition from an early-stage company to a global scale up, disrupting our food system to make it more sustainable, healthy, and trusted.

So, what are you waiting for? Apply to EIT FAN to pursue pilot projects, investments, and benefit from expert coaching and mentorship. You will also have access to specialist facilities such as labs, pilot sites, maker spaces, and agricultural land, as well as financial support to help you raise your seed or series A investment round.

The Seedbed Incubator is a six month programme that aims to transform science and technology based innovations, that can help solve global food system challenges, into market-validated businesses. The programme is delivered by world class EIT Food partner organisations, operating from different regional hub locations in Europe.

All entrepreneurial teams and newly-formed startups accepted onto the Seedbed Incubator receive equity-free grant funding and access to our network to facilitate market testing activities with potential customers or end-users. Each cohort team is supported by business coaches and sector experts to prepare you for a successful business launch.

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