The tale of co-founders and co-failures

"I can still hear you saying, you would never break the chain" -
The Chain - Fleetwood Mac

It may seem obvious but any startup lives or dies by the team at the helm. It's crucially important and as a solo founder (at present) I do wonder at times when and how/if/when I will seek out co-founders to join me on my journey.

Co-founders are like a chain and like any chain they are dependant on those links being strong.

Co-founders who fail together will win together

I have been lucky to be part of a solid co-founder team in the past but it wasn't all rosey and straight forward. We had a co-founder who just didn't work out (that's a topic best left for another time) but I have also had the experience of working with teams of existing co-founders who have established relationships, watched co-founders implode and have also witnessed where things go terribly horribly wrong.

So what's the big deal? Well, from the start your founding team (and there-for co-founders) are critical. In my opinion there needs to be several things connecting you all.

Before you sit at the top table, make sure you're all hungry.

1) Appetite
Sure, you have got to all be hungry for the win. Why are we doing this if we don't want to succeed? You all need to have the same, or similar, energy to create balance and ensure that everyone is giving it their all. If not, the imbalance can tear you apart as it feels like some are doing more than others. Bringing on experienced co-founders can seem like a good idea but but some experienced co-founders can be burned out, set in a way of working, need a break or just not have the appetite anymore. I've seen this in the past and if it's not addressed early on it develops into a greater and greater problem. Eventually the fallout can be devastating to you and your business. So remember, before you sit at the top table, make sure you're all hungry.

2) Pragmatism
Some first time founders can be naive to this and there can be so much energy and passion chasing the "win" that people forget what winning is. In a startup, winning isn't just about big deals or moving forward. Sometimes it's about staying alive. In those moments it is essential to be pragmatic. To take that step back and understand where you are and where you can be. It's about stopping the driving, the desire, the dreaming for a bit while you ensure the proverbial train is on track and has to make stops on the route you may not be expecting. I remember at Selazar when we were tasked by our Pre-Seed investors in London to get the first version of the platform up and running in three months, and get a paying customer on it and using it. At that point the short term goal changed and tactical changes were needed to get us to that key objective. This was about securing critical investment and therefore was about survival. Any roadmap, any financial plan or any goals we previously had were moot for the time being, and as a founding team we reshaped what we were doing. Once aligned with a vision, target and goal we collaborated with the teams on the ground. Because we had aligned, we knew what we were doing and why and that made it easier to communicate and implement the new plan. We achieved that goal.

You all need to know when to stick and when to twist and it's important that whatever you choose, you do it together.


3) Respect
I think respect works in two ways with co-founders.

Firstly you need to respect each others experience and way of working. To operate as a well functioning machine you need to have the space to do what you need to do and trust that people have your back. Let's face it, as co-founders we each typically have a C-Something title. We need to own that and give confidence to our fellow co-founders that we know what we are doing and when things don't go to plan we will take charge and get things done. That's real respect there and your co-founders should be asking you for exactly what you ask of them; owning and seeing things through. To do that you need the space to own it and to give others that space in return. If each of you can nail that then it will grow and develop into a lasting mutual respect.

Secondly respect is about listening to your other co-founders when things are not going well. When things don't go to plan, especially in the early days, confidence can be lost. It's not easy, especially if this is your first time being a co-founder, understanding all the moving parts and what you need to do. As you start out with a team you need to build confidence and gain respect but you can't do that if you are closed to feedback and listening to concerns. This is true for any team really but when we speak of founding teams the stakes can be, or at least seem to be, so much higher. Listen to the team around you. Listen to their concerns and address them. Don't go in a bad mood, don't get defiant and don't argue. These are your peers and if you respect them you respect their right to question you.

Don't just blindly agree though to keep the peace and show "respect". I've seen founders bicker with each other and that's fine. Sometimes you need to bicker to get to a common goal or better result. There is a big difference between bickering and arguing though and I have also witnessed founders argue with each other, staff and investors. This needs to be nipped in the bud quickly as this is a lack of respect.


4) Support
There will be times where pressure moves around a founding team. Looking for investment and trying to manage the business. The CEO will need support. Tech not working and things not operating as expected? The CTO will need some support and space. Having problems attracting new..........look you get the idea.

I was lucky to have brilliant co-founders when I needed them. I reached a low at one point where i was physically, mentally and spiritually exhausted and needed time away. A customer was highly abusive and I tried to take that abuse rather than let my teams get it. Abuse isn't acceptable in any form and nobody should put up with it but this was a customer linked to an investor so they wouldn't stop and they wouldn't go away. The only short term option was to be a human shield which was a terrible idea in hindsight. Things went badly for me as you would expect them to with something so very very toxic. When the break came my co-founders rallied around me though, supported me, looked out for me, spoke with medical professionals with me to see how they could support me and even bought me Lego to try and cheer me up. That's real support right there and you'll want that when its needed.


5) Be honest and be humble
Things will go wrong and bad things will happen. When everything goes to hell I have witnessed co-founders react in several ways.

Some give up. They just turn around, say "i don't know" and shut down to everything around them. It may be an honest reaction but that's a 100% confidence killer right there. Depending on the team and the expectations this can either be managed and supported or can kill a working relationship.

Some double their efforts and get stuck in. This helps with the group confidence and shows willing, but a lot depends on whether the core issue can be resolved by some increased elbow grease. Doubling efforts and failing isn't the awesome badge of merit some may hope it is and there's not a guaranteed award just for participation. It can also lead to serious burn out if it goes on too long.

Some secretly look for help. They say "i'm on this" to buy some time and look around for assistance in the back rooms of their contacts. Again, and no surprise, this can have negatives and positive effects. This can be good as it opens the issue up to discussion and support where needed, providing a much needed cushion and some expertise to get over the issue. It can also result in losing time, getting the wrong advice and fumbling around. The lack of transparency can also erode trust, especially when something hugely obvious is going on.

So what's the answer? Well in my experience and opinion it's this. You say to your co-founders "Sorry, i'm a bit lost with this one but I want to sort it out, what do you think of.......". Share you're losses like you would your wins but be transparent, share your thoughts and be humble. Co-founders who fail together will win together and transparency and honesty are the best first steps to that.

"All in all is all we all are." - All Apologies - Nirvana

That's some initial thoughts from me but I'd love to hear what you think. Drop me a comment or a note if you look for additional things when working with co-founders.

You've got this!