Although many startups launch with a single founder, to achieve the desired growth targets, at some point, it becomes necessary to bring on one or more co-founders, advisors and/or board members. As more people join the team, the group dynamics in startups become increasingly important and influential.
Whether you’re a startup or a long-established company, employees are among the most important assets a business has. A great team can make a mediocre product or service a tremendous success but a weak team can make even the most amazing product or service a financial disaster.
Read on to learn more about what makes a good startup team and how you can grow that team to reach successful outcomes.
Diversity is an important component of a really strong startup team. Here are just a couple of the many reasons why:
- For every 10 percent increase in racial and ethnic diversity on a senior executive team in the U.S., earnings before interest and taxes rise 0.8 percent (McKinsey & Company, Why Diversity Matters).
- Startups with at least one female founder raise more capital per round than all-male founding teams (Kauffmanfellows.org).
Also, seek diversity of opinion and perspective when building your startup team. Never build a team of people who think just like you. Diversity of opinion and perspective not only builds a vibrant work environment, but it is also essential to making sure your startup can quickly innovate and pivot as needed.
For founders, building a strong startup team is one of the most important tasks they face in launching their startups and securing investor funding. Investors don’t invest in ideas, they invest in startup teams—even if that “team” is just one or two persons.
If you want to a successful startup, then you’ll need to be sure to build a strong, resilient founder team. To help you on your way, here’s a look at the common denominators for the most resilient founder teams.
Important Industry Happenings
- What Makes a Successful Startup Team (via Harvard Business Review)
- How to Build an All-Star Startup Team (via The Founder Institute)
- Six People Types You Absolutely Need On Your Team (via Forbes)