One of the most important factors that enable an early-stage startup to grow is the presence of a cofounder. Today, many startups rapidly expand based on innovative ideas and constant challenges, but in the process, it becomes difficult for a founder to bear all the burdens alone. At this point, cofounders play an essential role. In this article, we will explore how cofounders contribute to the growth and success of startups, and why investors prefer teams with cofounders.
1. Cofounders as Catalysts for Global Expansion
Cofounders are essential for the global expansion of a startup. Especially when the team must work across different countries, having someone who can make quick decisions locally is crucial. Cofounders act as the eyes and ears of the CEO, understanding local conditions and playing a significant role in making important decisions. They handle various tasks such as pivoting the business based on local market data and trends or strengthening relationships with investors.
For example, when a Korean startup seeks to enter the U.S. market, it becomes necessary for a cofounder to directly meet customers and make real-time decisions based on local circumstances. A cofounder is the CEO’s most trusted partner and plays a key role in establishing an efficient remote culture, even in foreign countries.
2. A Partner to Share the CEO’s Psychological Burden
The journey to lead a startup to success is often arduous. CEOs frequently feel the weight of responsibility and psychological burden, experiencing loneliness amid frequent failures and uncertainties. In such cases, cofounders share the weight with the CEO, acting as emotional support for one another.
For instance, if a startup CEO fails to secure investment, having a cofounder to share that pain can give the CEO the strength to rise again. A simple question like “What happened today?” can turn into a crucial moment of psychological recovery through conversation between the two founders.
Especially in cases where a couple founds a startup together, while both facing the struggles of entrepreneurship can sometimes act as a risk, their ability to understand and console each other can become a significant advantage.
3. Strengthening Team Management and CEO Leadership
Startups often face situations where they need to make decisions quickly and act immediately. At this time, the role of a cofounder in strengthening the CEO’s leadership and supporting the decision-making process is critical. While democratic and transparent team operations are important, there are times when a more autocratic approach is necessary, especially when quick decisions are needed, and cofounders provide essential support.
Early-stage startups need to evolve rapidly based on insights gained through experimentation and failure, and cofounders help the CEO lead the team more powerfully during such times.
4. Complementary Skills and Personalities
Another important aspect of a startup is that cofounders can complement the CEO’s skill set and personality. Investors often expect that when a founder has strengths in a specific area, there will be a cofounder who can complement those skills.
For example, if a founder excels in technical skills but is weaker in marketing or financial management, a cofounder who complements these areas is essential. Such a mutually complementary relationship allows the startup to adapt to various situations and pivot quickly.
When a calm founder is accompanied by a cofounder who makes decisive and calculated decisions, the startup can be run more stably and flexibly.
Conclusion: Cofounders Are the Key to Startup Success
Cofounders are valuable assets to a startup, and their presence builds trust among investors. In various aspects such as global expansion, emotional support for the CEO, team management, and complementary skill sets, cofounders play a crucial role in driving the success of a startup. When the relationship with a cofounder is transparent and trustworthy, the startup can grow even stronger. Founders don’t have to bear all the burdens alone; together, they can go further.
References
- TechCrunch, “Why Founders Need Co-Founders”
- Forbes, “The Power of Co-Founders in Startups”