We are a team of two engineers creating our first SaaS startup. Should we spend time finding someone to better guide the ship from the business end?
We haven't raised any money yet but looking to get some angel funding. Would having a business co-founder help with funding?
A co-founder should be able to do whatever it is that you went recruiting for a co-founder to do. If being able to help with funding is one of the priorities, evaluate with that in mind:
Aside from fundraising, before you look go looking for someone to do 'the business end', one of the best things you can do is find some mentors who can help you figure out what you actually need. Do you need a co-founder with a business development background? Or marketing? Do you need someone who's a great content creator, or an experienced PPC / advertising manager?
There are plenty of successful engineer founders out there that are happy to give new ones free advice. Make some connections and see what they think -- it will also help you network for fundraising.