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Forming partnerships is almost a mandatory step when creating an innovative company. But with whom and how? This article underscores the importance of collaboration and diversity of profiles in the creation of innovative businesses. Only 11% of startups are led by a single individual, while 72% involve two or three operational partners. Choosing complementary partners in terms of skills and personalities is crucial for maximizing success. Equitable capital distribution, mutual understanding, proactive conflict resolution, and the ability to unite different profiles are essential for a prosperous business.
E. Krieger & AC. Lethbridge
The African saying, « Alone we go fast, together we go far, » perfectly applies to entrepreneurs. The creation of an innovative company is rarely the work of a single individual due to the diversity of tasks and required skills.
A study involving 166 creators and leaders of young innovative companies showed that only 11% of startups were led by a single person making all strategic decisions. In 72% of cases, these decisions were made by two or three operational partners. Contrary to this, a startup is not akin to a disorganized group, as decision-makers are rarely more than five.
Avoid Partnering with Clones!
One of the main challenges is to bring together complementary partners who share a vision, values, and, if not similar, at least compatible goals. On the other hand, it is not advisable to partner with clones who possess the same skills and personality. Thus, founders are confronted with the need to associate with different profiles, knowing that these profiles will simultaneously generate synergies and conflicts. Success largely depends on the ability to overcome these conflicts.
The initial distribution of capital primarily depends on personal involvement and respective skills. It should be motivating and fair so that founders fully commit to the entrepreneurial adventure, especially when uncertainty is high, and sacrifices in terms of compensation are substantial. Unsurprisingly, functions related to product development and marketing and sales receive the most significant share of capital, with R&D-production averaging 41% and marketing-sales at 39%. In practice, the CEO often possesses technical or commercial expertise.
Complementarity of Skills and Temperaments
While it is not too difficult to assess the « technical » skills of a potential partner, evaluating their psychological profile and compatibility with other team members is a much more complex exercise. A sports coach knows that the best team is rarely composed of the best players at the moment, especially when they have diva-like tendencies. This phenomenon is encountered as much in the entrepreneurial world as in football, where modesty and tranquility are not always prevalent.
Before embarking on a startup adventure with others, it is essential to get to know each other, discuss success criteria, and strengthen trust within the team. This mutual understanding is quickly established when the team collaborates to define the initial steps of the company’s development and divides responsibilities in scientific, technical, commercial, financial, and administrative areas.
Validating Commitment and Not Avoiding Key Topics
This exercise often helps identify those who will genuinely contribute to the company’s development beyond mere words and intentions. An associate who only gets involved « in their spare time » can seriously compromise the group’s dynamics. Hence, it is crucial not to rush into partnerships and, more importantly, not to avoid essential questions because later divergences in vision and fundamental objectives can lead to disasters.
Anticipating difficulties and managing conflicts are the hallmarks of entrepreneurial teams. It is even better if challenges are encountered early on. When addressed constructively, difficulties contribute as much to team growth as successes.
Reason and the Balance of Passions
Two centuries ago, philosopher d’Holbach postulated that reason was the balance of passions. This maxim applies to many entrepreneurs who, by challenging reality, manage to provide direction, energy, and purpose to their teams.
The ability to unite profiles as diverse as creative, organized, calm, impulsive, empathetic, or charming individuals can create a one-of-a-kind company capable of offering an innovative proposition to a carefully identified market segment. Rather than the metaphor of a conductor, we prefer that of a jazz group’s leader, where a handful of performers seem to coordinate effortlessly, captivating through bold improvisations ultimately driven by talent and the joy of creating together.
