How to Find a Technical Cofounder in Eastern Europe
A unique idea isn’t the only thing that makes a digital startup successful. Its flawless technical execution is also significant in this regard. If you’re reading this, you probably already have an idea. What you require right now is a technology mentor.
Such a mentor can become your partner if you wish. Consider that startups with more than one founder are 163% more successful and productive than organizations with a single founder. Sprinkle that with some tech expertise, and you will understand the advantage of such a partnership.
Thus, a technical co-founder can be an answer to the question of how to start a tech company without a tech background. In such a startup, you will be a visionary like Steve Jobs, and your partner will be a technology leader like Steve Wozniak.
But how to find cofounders? And does your project really need such a partner? Find the answers to these questions in our article.
What Is a Technical Co-founder?
A technical co-founder is a specialist with a wide range of responsibilities. First of all, he is an expert with high competence in the technology field. It is also a person who is willing to invest in your startup. Thus, investment opportunity and technological expertise are two fundamental factors that constitute a technical co-founder.
The technical co-founder is first and foremost your partner. So, as a person who has a stake in your startup, he is responsible for making business strategy decisions and is just as accountable for them as you are. It is clear that as your partner, he will receive his share of the profits from the startup.
The technical co-founder will also offer and promote his ideas on business development, especially those related to your digital product. By being technically savvy, he will point you to the limitations and possibilities of your project. This specialist will consider the technologies for your project, gather the team, and calculate your solution’s cost.
The primary difference between you and your co-founder will be in the area of responsibility. You can be in charge of marketing, getting investors, and drawing clients — while your partner controls the product development process.
If you are interested in how to find a tech cofounder, we have a suggestion for you. Eastern Europe, particularly Ukraine, is a good place to find startup partners. Here are just three successful companies with Ukrainian tech co-founders:
- Reface. It is a Ukrainian app that allows users to replace faces in videos or GIFs via AI/ML technologies. The co-founders are Denys Dmytrenko, Oles Petriv, Ivan Altsybieiev, Roman Mogylnyi, Yaroslav Boiko, Dima Shvets, and Kyrylo Syhyda.
- Grammarly. It is a Ukrainian cross-platform typing assistant that uses AI technology. The co-founders are Max Lytvyn, Alex Shevchenko, and Dmytro Lider, who took over the technical side of the project.
- WhatsApp. It is a well-known messenger, but few people know that its technical co-founder, in particular, is Jan Koum — a software engineer of Ukrainian origin.
A Technical Co-founder and CTO: What’s the Difference
Mind that your technical co-founder may be a CTO, but not the other way around. These positions are quite similar, but there is a fundamental difference between them. What sets them apart? Let’s find out the CTO co-founder distinctions.
Now you have a better understanding of the difference between a tech co-founder & CTO. In our article, we will discuss these two roles in more detail. This way, you will understand how to find a cofounder for your startup and whether you need such a partner.
Pros and Cons of Finding a Technical Cofounder for Your Startup
So, you’ve decided to find tech cofounder. It is a critical decision that you will have to make. Consider the benefits of such a collaboration along with some of the drawbacks.
Here are the pros of hiring a tech co-founder:
- Access Technical Expertise
Find technical co founder if you want to launch a viable digital product. With a co-founder, you will not even need to delve deeply into the development of the product or gather a team on your own. Your software development partner will assess all risks and identify your product’s strengths, oversee the development process, and help you save time and money.
- Do What You Do Best
We are sure that if you have a decent startup idea, you are at least proficient in marketing, attracting investors, or presenting your product. We also believe that everyone should focus on what they do best. As a result, delegating product development tasks to a technical co-founder is acceptable. This way, you will have more time to do what works best for you.
- Attract Investors Easier and Faster
Investors are very picky about the startups in which they put their money. They usually look at the team and management of the company, and if there is no CTO, co-founder, or at least chief software architect, they will treat your startup with suspicion.
From an investor’s point of view, having a technical specialist on board ensures that your product will be technologically feasible. So, find a tech cofounder and keep your cool.
Now let’s move on to the cons of such a partnership.
- Different Views on Business Development
The role of a technical co-founder in your startup is not limited to offering business growth ideas. Your partner may have distinct views on product development that do not match yours.
So ask yourself: do I want to find startup co founder, or do I simply need someone to lead the development team? If you have doubts about your idea and need a fresh look at it, then a technical co-founder is your option. If you are confident in the concept of your product, then your best choice is a CTO.
- You Have to Share the Profits
Unlike the CTO co founder holds a stake in your startup. This stake is often comparable to that of the company’s original creator. All this does not seem significant at the beginning of your startup’s development. There is nothing to lose until the startup has boomed.
As soon as your company generates significant profits, then disagreements can begin. Be sure to sign a contract with the co-founder to avoid conflicts and issues in the future.
- Conflicts over Responsibilities and Workload
The partnership is about the ability to negotiate. However, even in the most favorable circumstances, you may have conflicts with the technical co-founder.
Such quarrels can be associated with uneven workload: for example, you used to spend all day in the office, and the co-founder finishes work at 18:00. To avoid workload conflicts, make sure you have a transparent employment contract with defined workload standards.
If you are ready to accept all the above disadvantages of the technical co-founder, then go ahead and find one. But first, evaluate your needs and expectations from such cooperation. Most startups need to hire a CTO, and such a decision would be even more reasonable. So, consider not just how to find co founders for startup but also whether it is rational.
Benefits of Hiring a CTO in Eastern Europe
Startup creators frequently worry about how to find co-founders. It’s hardly surprising, given how challenging and time-consuming this process is. Eastern Europe is the top software outsourcing, offshoring, and nearshoring Eastern europe destination for a variety of reasons, including low costs, a large pool of IT talent, and a strong command of English. It is critical to look for more than simply a technical specialist. First and foremost, you require a partner who will understand you.
In many cases, it is better to hire a chief technology officer. But how to find CTO and understand that this specialist is right for you? Here are a few ideas to get you started:
- You have enough resources to cover the CTO’s salary.
- You want to be the only leader in a startup.
- You require a rapid launch and development of your product.
Now let’s address the question of how to find a CTO. You can easily find such a specialist through special agencies, outsourcing companies, or professional social networks like LinkedIn.
What are the benefits of looking for a CTO in Eastern Europe, particularly Ukraine? Here are the main ones:
- It’s cost-effective
The salary of a chief technology officer will be significantly lower in Eastern Europe than in the United States or Western Europe. You will later see a detailed comparison of this specialist’s rates in our article. In the meantime, let’s think about what other reasons it is cost-effective.
By hiring a CTO, you get a specialist who predicts the risks associated with your product and selects the best and most lucrative technologies for its creation. So you pay the expert, and he implements innovative solutions at affordable prices.
- Western business approach
The geographical proximity of Eastern European countries to Western Europe means that the business approaches will be similar. Thus, your CTO from Ukraine will adhere to the best standards of work in the company.
- Solid educational and expert base
Eastern Europe is famous for its talents in the IT industry. Ukrainian universities provide specialists with comprehensive knowledge, so the question of how to find startup partners is closed.
CTO Salaries Breakdown
We have promised you to consider CTO net salaries in different countries. So, you can check them out in the table below.
*Ukrainian salaries are provided based on Mobilunity’s Recruitment Team research on the local job markets. All salaries are net and do not include the service fee (in case of hiring on a dedicated team model). The salaries are provided for comparison purposes and could be not entirely accurate. Contact us to know the exact cost of hiring a developer corresponding to the required parameters.
As we have stated, the CTO salary level in Ukraine is significantly lower than in Western Europe and the United States. So, if your dilemma now is not how to find business partners for a startup but the location of a decent chief technical officer, we’ve got you covered. Continue reading to find out more about our company.
Find Partners for Startup with Mobilunity
We know how to find partners for a startup. It’s due to our many years of expertise in the IT business. Since 2010, our company has located many dedicated professionals, including CTOs, to our clients worldwide.
In our work, we use the philosophy of the three “R’s.” It means that we:
- Recruit the talent you require
- Build a good relationship between you and your new CTO
- Retain your specialist for as long as possible
We recognize the significance of a digital startup’s technical part better than anybody else. As a result, we guarantee the selection of first-class CTOs. Here are just 2 samples of our clients:
- Swiss insurtech startup for whom we hired a CTO. You may read the case study to learn more about this success story.
- Canadian fintech company, which hired CTO with Mobilunity. You may also check the case study about this client.