Product Development is when a product is created with new and different characteristics that offer new or additional benefits to the customer. It may involve modification of an existing product or its presentation, or formulation of a new product that satisfies a newly defined customer who wants a market niche.
Cost, time, and quality are the main variables; innovative companies develop to satisfy customer requirements and to increase their market share by the regular development of new products.
Choosing the right Co-Founder
Who is s Co-Founder?
A co-founder is a person belonging to the founding team who come together and compliment the roles of each other.
When do you need a Co-Founder?
A Co-Founder can be bought in during the ideation stage, or when you have a product out in the market ready for launch. Ideally, one is usually needed when:
a. You have a marketable product ready
b. Know what skills can benefit the launch of the product
c. You know what value will the co-founder add to the entire end to end process
Once that is done, design the strengths and traits of what you need in a co-founder.
- Mitigating risks
Look for a person who can mitigate risks. A co-founder must be able to communicate confidently about their own shortcomings. Hire one’s with different backgrounds; unique expertise would not work. Instead, look for those who have some kind of experience with at least one start-up.
- Helping build the product for you
A co-founder must not only be a helping hand in your business but also bring new elements to the business. He must be bold enough to inspire new ideas and point out shortcomings for the current start-up.
- Multi-Tasking by helping in many areas
Try and divide the work amongst each other, if one builds the other sells. Instead of getting a co-founder who closely matches your skill set, find one who is totally opposite to your skillset. If you are a developer, look for a sales & marketing expert. This way, you both can build and market the product faster.
- Being Innovative
A co-founder usually sees your product from a different angle. In most cases, start-up founders can’t find flaws in their products. On the other hand, the co-founder takes a better approach to create the product. In most start-ups, the founders do a weekly meeting in which they cover the workings of the previous week and develop plans for the future. This also gives them a much-needed perspective to improve their products.
What Do You Need to Know About Co-Founders?
When you look for a co-founder, understand these.
Founder and the co-founder need to have complementary skill sets where both bring different ideas and skills to the table.
2. A marriage of minds
Think of adding founding members to your team as a marriage of minds. You will have to compromise on some points just as you do in a real wedding to keep it alive and understand that this marriage is as important as your real-life marriage.
3. Breakups are life-threatening
The marriage of minds, as mentioned above, is essential, a breakup can be life-threatening because co-founders tend to manage a significant stake of your start-up. Letting them go can be devastating to your business.
Where to Find a Co-Founder?
Look for co-founders within your personal contacts, could be a colleague or family member. You can also search for a co-founder within your extended network. The whole exercise starts with you pitching your idea to them. No one will know what type of person you are looking for or what kind of help you want unless you brief them about the details. A mention of your idea to your team leads and managers will help. They might know people who will be a great fit as a co-founder.
2. Co-founder matchmaking sites
Another way to find co-founder(s) is via the crowdfunding websites. You can easily find co-founders who will be interested in your business idea. Think of these sites as a starting point for your co-founder hunt. Once you have some candidates, conduct their interviews and get to know them better.
3. Social media groups
Next, search for co-founders on social media groups related to start-ups. You can find many experts who will be ready to be a part of your venture and lend their services for equity. Be aware of scammers on these groups and try to meet them in person before making any agreements.
4. Start-up events and conferences
If you are i a major city, you can look for prospective co-founders to start-up events and conferences. They frequently happen, so finding a like-minded individual who is also interested in what you are isn’t difficult.
5. Job Listing
Another way to find a co-founder is by advertising the position on job listing platforms. Some job listing platforms may not accept job posts without a described pay, but you do need to mention what you will be offering to the co-founder in equity.
Why should you choose Avion?
At Avion, we see ourselves to be the standard bearers of today’s innovation based economy.Thus far, our innovation workshop has built over 38 products over 110 releases and builds. Please do not hesitate to Contact Us, and you will be able to make your vision a reality and a dream come true.
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