3 tips from Monk’s Hill Ventures’ Susli Lie on finding the right co-founder

Procter and Gamble, Hewlett-Packard, Ben and Jerry’s – these are the names of some notable companies, and incidentally, the names of their founders as well.

Many great firms started out with two or more people putting their heads together to build a unique product. Think Microsoft, Facebook, Airbnb, Grab, GoTo Group – the list goes on.

Photo credit: blasbike / 123RF

For founders setting off on their startup journey, having a co-founder can be incredibly valuable. Sure, some entrepreneurs have successfully built companies on their own, but having someone with you at the helm can allow you to split the load with a person who has your back.

After all, there’s value in having someone – or several someones – by your side who are just as motivated and determined to see the company succeed.

“[To build a startup] with a partner you can trust makes the journey so much easier,” said Monk’s Hill Ventures partner Susli Lie at a session for Tech in Asia School’s Aspiring Founders program. Prior to joining Monk’s Hill Ventures, she co-founded ErudiFi, a tech-enabled student financing company in Southeast Asia.

Suslie Lie / Photo credit: MHV

While some founders may already have potential co-founders in mind, others may need to look around to find someone who will be the perfect fit. Here are some insights from Lie on how entrepreneurs can find the right person to join them on this journey.

1. Know yourself

First thing’s first: Before you go looking for co-founders, you need to ask yourself some key questions such as:

• Why do I want to build this startup?
• What skills or knowledge do I have?
• What difference can I make to this company?
• What are the areas where I’m lacking?

According to Lie, it’s very important to engage in this process of self-awareness, as it can better help founders identify how their co-founder can help them.

“Know what you bring to the table, what you have, and what you need,” she advised. “Be honest with yourself about what you want to build, the scale of what you want to build, the skill sets required to build the company, where you fit in all of that, and where you might need help.”

After all, the better you understand what you have and what you’re missing, the easier it will be to find the right people to fit into this jigsaw puzzle and complete it.

2. Don’t rush into things

The co-founder relationship is a lot like marriage. It’s important to make sure that you’re aligned with the person you’re committing to in terms of your values, what you want to achieve, and your goals for your company.

Founders, therefore, shouldn’t rush into building their startups with the first possible co-founder that comes up. It’s important to take the time to understand where the other person is coming from, what they’re bringing to the table, and whether you’re both willing to embark on this difficult journey together.

Lie is a proponent of “co-founder dating,” where founders take the opportunity to connect and work with potential partners for a period of time before committing to the relationship fully. She herself had a nine-month “trial period” with her co-founder for them to gauge their compatibility before they decided to commit to running ErudiFi together.

Doing this is especially crucial if the co-founder in question isn’t someone you’ve had a working relationship with before – whether it’s a familiar face or a complete stranger.

“Just like in life, choosing the wrong person can cause a lot of problems and strife,” Lie said. “[Being co-founders] is just like marriage, it’s hard to find the right person, and it’s hard to get out of a bad relationship, which can have repercussions for the business.”

3. Be upfront

No matter what your previous relationship with your co-founder was before you decided to work together, it’s crucial to be open and honest with each other about your expectations and goals right from the start.

You’ll need to have candid conversations with each other about everything right from the get-go. How are you splitting equity? How would you handle a certain problem that arises? What’s your approach to a particular issue? What are you willing to sacrifice for this startup? What will you absolutely not give up? What is your threshold for success or failure?

Being upfront with each other about your expectations and concerns lets you work things through together.

“It’s not always pleasant – you’re talking about stuff that’s not always comfortable,” says Lie. “However, it’s good to know these things and have these conversations in advance.”

After all, the last thing you want is to be unpleasantly surprised a year into your journey when your co-founder decides to walk out on you because they had different expectations or deep-seated unhappiness.

It takes a village

It takes a village to build a startup, and that village starts in your own backyard with your founding team.

Finding the right co-founder to walk with you on this road is just one piece of the puzzle of building a successful company. There’s so much else to figure out, like managing finances, fundraising, getting customers on board, and building your product.

As you and your team embark on this journey, you’ll probably have lots of questions, and Tech in Asia School is a great place to get them answered!

We’ve been covering the ins and outs of the Southeast Asian tech and startup ecosystem for over 10 years, and we’ve had the opportunity to hear from some of the region’s most successful tech leaders. As such, we’re bringing together all the resources we have to create content, community, and mentorship tailored to the most critical stages of the startup journey in order to help founders see success.

Whether you’re still looking for a co-founder, trying to find product-market fit, or struggling to fill in the blanks on your growth strategy, there’s something for everyone at TIA School.

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