Raising money
What should you show a future cofounder?
Proof that people want it, and that you'll keep going either way. The strongest proof is people who paid before it existed. Then come a first version that works, what its first users taught you, and the time and money you've already put in. An idea alone asks someone to take all the risk on trust.
Why does proof matter more than the idea?
Because a good cofounder gives up years, and often a salary, and an idea can't tell them whether that's wise. Ideas are easy to have and hard to judge. What people did, not what they said they'd do, is the part anyone can check.
Proof says something about you too: that you finish what you start, and that you'll still be there in a bad month.
What counts as proof?
Things people did, strongest first:
- People who paid before it existed, through orders taken ahead of time or a funded campaign.
- People who use a first version and keep using it.
- A waiting list of names you can write to, not just a counter.
- Conversations with people who'd buy it, written down.
Your own commitment counts as well: the hours you've put in, what you've spent on it, the job you'd leave. Show it plainly. Nobody wants to join someone who's waiting to be rescued.
How does a crowdfunding campaign show it?
In public, with numbers anyone can check. A funded campaign shows how many people backed it, that it reached its goal and what backers asked you, all on one page you can send as a link.
A clear pitch helps it get there. How to write a crowdfunding pitch covers the words, and the pitch outline builder puts yours in the order backers read them. Then see how a campaign works on CoFunders.
What should you agree before they join?
Who does what, how much time each of you gives, how the company is split, how each share is earned over time (vesting) and what happens if someone leaves. Agree it while everyone gets along, and write it down.
The cofounder equity split calculator gives you a starting point for the split, with an equal split beside it to compare.
Your next step
List the proof you have today, strongest first, and what's still missing. Then read how to find a cofounder, and try the equity split calculator.