Hi guys,
I'm a technical person. Last year I helped out a friend (business guy) to co-found a startup. After 7 months of painstaking efforts, I learned it the hard way that our business perspective and visions were just too different for the partnership to work out, and so I left.
A year has passed and I'm thinking of partnering with another two business guys. These guys came to me and explained their idea. I'm pretty impressed with it, but not yet sure if they'd make great partners.
What do you guys think I should do to "try out" the partnership? I'm thinking the following:
1. Offer him my software development skill as a paid (discounted) professional service. As this goes on, hopefully I'll figure out if we're aligned.
2. If through (1) I get along well with them, convert the professional service into partnership.
Do you guys think my plan is reasonable? If so, how do you think (2) should go? As a technical co-founder, what model should I take? Is it getting paid along with equity? Any readings on common-practice for this?
Thanks in advance! :)
Company 1: Started by myself, partnered with a sales guy 50/50 after a few months. Company took off after the sales guy because he was able to close large contracts.
Company 2: Started with two other people I knew well (doctors) who were in the field but non-technical. I ended up leaving company after 3 years. This was in part because they couldn't put in the same amount of work (never partner unless they can contribute full time).
Company 3: Started by myself, raised money by myself.
Moral of the story: Partner with a sales guy if you have something to sell, and make sure they have a proven sales track record. If you're building a product that won't be ready for a long time, work on it alone and test the markets as soon as you can, then partner. There is no right answer, but don't partner with somebody simply because they are on the business side. It's also much easier to pitch with a sales guy. And don't partner simply because the business guy has an idea.