First, your search is different from what it would be in the corporate theater. In the corporate world, you're either looking for mentors who are 5+ years ahead of you (i.e. better than you at what you want to do) or subordinates to offload grunt work (sorry, I mean "delegate") to. With co-founders, you're looking for complements, not people on the same track. It might be hard to swallow your ego and look for someone with a radically different skill set, especially given the non-meritocracy of business co-founder value (which is 90% connections, 10% innate ability). But it's what you need to do.
Rule 1: Code or Contacts. Hire (at the early stage) only if the person brings something in either department that no one else can do. Most "business co-founders" can't bring funding on an idea. You don't need them, if they can't. Business co-founders are naturally going to end up with a lot of power and you can't afford the slot for a guy who can't make it rain with minimal initial effort (save your effort for building) on your part. You need a guy with the contacts to solve the funding problem, so you can focus on building the product.
Your third co-founder ("the dragon has three heads") should be a crack technologist. Someone even better than you, if you can find him, and not a friend of the business co-founder. If you have two business guys and one technologist, you're not going to have a tech company and they (along with investors) will be calling the shots. In general, you want someone who will push back on technical matters where getting it right is more important than personally winning but always take your side on the political stuff, where the reverse is true.
Once you've established this "initial three" (or 4, if the technical problem merits it) you can hire more business people, but only for defined roles (accounting, business development) and anyone who tries to turn one of your initial team against the rest is fired immediately.
Don't hire a PM until you're at 30 people. "Product" people become necessary when you're hiring second-string engineers. First-stringers PM their own work.
Rule 1: Code or Contacts. Hire (at the early stage) only if the person brings something in either department that no one else can do. Most "business co-founders" can't bring funding on an idea. You don't need them, if they can't. Business co-founders are naturally going to end up with a lot of power and you can't afford the slot for a guy who can't make it rain with minimal initial effort (save your effort for building) on your part. You need a guy with the contacts to solve the funding problem, so you can focus on building the product.
Your third co-founder ("the dragon has three heads") should be a crack technologist. Someone even better than you, if you can find him, and not a friend of the business co-founder. If you have two business guys and one technologist, you're not going to have a tech company and they (along with investors) will be calling the shots. In general, you want someone who will push back on technical matters where getting it right is more important than personally winning but always take your side on the political stuff, where the reverse is true.
Once you've established this "initial three" (or 4, if the technical problem merits it) you can hire more business people, but only for defined roles (accounting, business development) and anyone who tries to turn one of your initial team against the rest is fired immediately.
Don't hire a PM until you're at 30 people. "Product" people become necessary when you're hiring second-string engineers. First-stringers PM their own work.