1.
COMMUNICATION
Are
they nice? I think this is the first and most important sign to look out for.
How does the entrepreneur communicate in that initial call or Skype meeting? Is
he or she nice, too authoritative, or does he come across as an a-hole!
Seriously, pay close attention to how an entrepreneur responds and speaks
during this initial conversation or email.
2. EGO
Does
the entrepreneur use words like “I” and ‘My” vs. “We” and “Ours”. This will
tell you if you’re dealing with an egomaniac or not. Often time’s entrepreneurs
can be obsessed with the fact that it’s their idea and
tend to forget who will be building the actual technology.
3.
TRACTION
Has
he or she made any efforts to draw up mockups of the idea on ( Balsamiq, Lumzy, or MobiOne )? Have they conducted any surveys? What were
the outcomes? Do they have any validation from potential partners, incubators -
or better yet - customers!
4. EXPERIENCE
Are
they a repeat entrepreneur? What successes or failures have they had in the
past that will add value to the current idea? If they’re a first-time
entrepreneur, then look for more traction.
5.
DATE FIRST
CoFounding
is a “No Dive Zone”. As exciting as a project may be, with founders that may
seem awesome, refrain from jumping into things too quickly. Build and work on
something small together first as a compatibility and competency test for both
parties. But once the dating period is over, get right down to business. Get
things in writing (e.g. equity shares, salaries, vesting schedules etc.).
6.
PASSION/COMMITMENT
First,
are you passionate about the space and the problem the entrepreneur is solving?
Second, how long has the entrepreneur been working on this concept/idea? This
could be a testament to their willingness to see the project through. How
committed and vested are they emotionally & financially? How focused are
they on this single idea alone? Be wary of the ‘ideas guy’ who typically can’t
execute on any single idea.
7.
CONNECTING
There’s
a difference between networking and connecting. You want to connect with your
potential cofounder and the best way to do this is outside of the office, over
lunch, or even a beer. Wait, can you even have a beer with this person!?
8.
TECHNICAL & LONG-TERM VISION
What
happens after you build the MVP? What will you be building? Will it challenge
you? Does the entrepreneur have a long-term technical vision for the product?
9.
REFERENCES
What
do other people think about them? Check their LinkedIn for references, don’t be
afraid to ask them for references and ask around town.
10.
AUTONOMY
Will
you have input and the freedom to innovate NOT just code all day? Does the entrepreneur
take FUN seriously? @Fitly fun is mandatory : )
