Is Having A Co-founder Important?
As many of you might know, I’m a young entrepreneur trying to build a successful business. I’ve started an app, clothing line, app development business, social media marketing business and now I’m creating,
Chad — a new social media platform focused on sparking conversations with people through our location based chatrooms.
Throughout these ventures I’ve done it all on my own, some people can build businesses on their own and some need support. I haven’t built a successful business yet, but I’m close and I can feel it. The reason I’m making the progress I’m making is due to me bringing a Co-founder on board.
Co-founders are a MUST have.
If you’re starting a business and you don’t have a Co-founder I highly suggest finding one, of course it’s easier doing things on your own but that’s not the point. With a Co-founder on board you become a TEAM and it starts to teach you how to work with a team… early. Another benefit of having a Co-founder is you have a teammate to lean on when things get rough, you can get tasks done twice as fast and if you need venture capital it only increases your chance of raising that round. VC’s or Angel investors want to see a “Team” and they want to see that you can work with other people, it’s actually a red flag sometimes if you’re building your startup by yourself.
Before I started building Chad I was pushing an app I created called GamingU, this app helped gamers find new video games to play for the consoles they owned. I was paying a free lancer to do all the development work and implement the ideas I had in my head. His pricing was very reasonable and he understood my vision, which made me think this was the perfect situation…I’ll continue to bring in checks from my job and then invest it all into the development of GamingU…
I was wrong.
Before I knew it my funds were drying up and I was getting drained from looking at the overall number I needed to pay in order to implement all of my features into GamingU. I then went through a personal matter and I didn’t have time to continue to build/scale GamingU, which then led to me shutting down the app.
If I wasn’t so stubborn instead of getting gamers to download the app I should have been looking for a Co-founder. You see if I did have someone on the team preferably in this case a technical Co-founder, that person could implement my ideas for free, add ideas of their own, offer me positive reinforcement to keep going and in this case when I didn’t have time to keep pushing the app they could have kept it running without it losing any momentum. You would think I would realize this after I went through this situation right?
Yep, you guessed it I didn’t.
So what did I do? I took 8 months off to learn how to grow a business and how to raise funds. I decided in November 2017 to leave my job and start designing Chad. I was working full time on Chad, searching for Angel Investor/VC’s to give me the funds I thought I deserved because in my head (If you’re starting a business, you better think like this. I wasn’t thinking from an investor standpoint) this was the greatest idea in the world
Yep, you guessed it I was wrong.
So instead I got a break from God, I was accepted into an Accelerator program called 2020 Startups. For those who never heard of an Accelerator/Incubator program it’s essentially a tutor for Entrepreneurs/Startups and it’s usually a 90 day program. Some take equity and fund you in return, some charge a fee, some take equity and charge you a fee it all depends which one you apply to you can find a lot of them on Gust.
During the program which went from June — August I learned a lot about being an Entrepreneur and raising money.
The program humbled me, quickly.
I soon realized I don’t deserve SHIT.
In order to raise the funds I need to get to the next level, I need to show these investors why they should give me their money and how I will repay them.
I was still emailing investors left and right and many of them replied with the same answer.
“We usually want to see more traction when it comes to products in this market, but we also believe having a team is just as important.”
After I heard this a couple times and it was being repeated in 2020’s workshops, I finally came to terms it was time to find a Co-founder. I spent the whole summer to find the right guy and I did, after hundreds and hundreds of emails. It wasn’t easy, but I was committed because I realized how important this could be for Chad in the long run.
Having a technical Co-founder on board would allow me to bring the designs I created to life, save me A LOT of development cost, when we do raise the funds we can use it to build the development team instead of paying a company to develop the app and having a team is flat out way more fun.
When it comes to building a business I’m learning that you have to do what’s best for the long term, there are no shortcuts that you can take. Finding a Co-founder was the best decision of my life and I’m happy I found the right guy for the job.
I wanted to spread my knowledge and experience so far with everyone that’s reading this. If you’re building an app and you want it to be your primary income, please go find a Co-founder. At the end of the day,
Teamwork makes the dream work.
AJ Picard — founder of Chad
If you have any questions about how I found my Co-founder or anything related to Chad please send me an email (Sales@ContactChad.com) or comment below I would be more than happy to talk.