I'm taking my first few steps in attracting a co-founder. With all the questions, comments and advice I've read concerning attracting a co-founder comes down to integrity...thee most important "factor" over idea, knowledgeable and technical experience.
This is what I require Senior IT (or equivalent) person with the ability to construct and develop a digital web network. With the understanding that coding is very time consuming, demanding and is a large part of this concept - overseeing sub-contracting duties and milestones would assist with said responsibilities.
At present I have diagram process, demo and older coding written by app developer (09).
The concept ideally lends it self as a social network, operating with in the tourism/ small business consumer market. The revenue streams are solid, measurable and in demand.
The concept has great potential if it reaches market, my first co-founder "only require two" is going to be an IT individual that after meeting me and viewing demo believe they have what it take to pull this off.
Based on risk, market potential and most important our chemistry, I would allow them to tell me what percentage of this concept they would be okay and happy with.
In my view, there are a lot of knowledgeable people out in the world and they should be wealthy. Is this the right direction for me to head in?
As a programmer, being honest, I wouldn't lift my pinky finger for 100% equity in a social network. That is absolutely ludicrous, and you won't get any halfway respectable developer to work under those conditions.
Half of it is because there's no money. The other half is because it's equity but in a super crowded, B2C space where it's difficult to make a profit -- the farthest possible thing from a "sure thing."
If you had a B2B business with a creative product that fills a serious need (say, saves business X money) and already had contacts you're negotiating subscription fees with, i.e. a very probably thing, perhaps I would consider working for equity while the company gets off the ground. But a social network concept?? I find the suggestion insulting to my profession. I didn't study my ass off for years to build your web site for free because you think it's a good idea, sorry.
If you are looking for someone to develop this for 100% equity then I imagine you'll need to give them half of the company. If it was me as the IT co-founder I would also require there to be someone with CASH involved for marketing once it's completed. So if you don't have cash, don't have the ability to create it and are just coming to the table with the IDEA and possibly some industry experience in the market the network is targeted towards then.. (I) wouldn't say you are coming in with much ;)
So, I would suggest 3 partners in that case, you need money. No matter how sweet your idea is
Jason, sorry that you feel like I'm insulting your profession. That was not my intent and I do appreciate your feedback. If anyone invest their time in my project... it now becomes our project because they have taken the time out to get more information (view demo, and ask questions) that satisfy their entrepreneurial senses. As start ups I'm not appealing to the majority of hackers out there O'no "their good snogged away in a tech department coding and making a good living". My appeal is for a trail blazer ready to tread down that unfamiliar path (unique) of co-founder to fame and fortune. Here is a executive summery of my concept you'll see I'm in a relevant B2C and B2B market that is strong and growing in demand.