In the startup world, picking the right co-founder can make or break your business. Should you choose someone you get along with, or someone who brings a lot to the table? New research from Texas McCombs shows that there’s a difference between men and women when it comes to this choice.
The study looked at entrepreneurs starting new ventures. It found that men usually go for co-founders who have a lot of knowledge and skills. On the other hand, women tend to pick co-founders they click with personally.
But here’s the interesting part: women are more flexible. They’re willing to change their approach if it means the business will do better. While they might prefer someone they get along with, they’re open to picking someone else if it’s better for the business. This ability to adapt gives women an edge in building successful startups.
So, when it comes to choosing a co-founder, it’s not just about personalities or resources. It’s also about being ready to change course if needed, and that’s something women seem to be good at.
“Men don’t really change their strategy or approach,” the researchers explain. “Women are flexible, adjustable, and adaptable across situations. They respond to the unique circumstances of their venture in making these choices.”
Gender influences
Previous studies examining how gender influences the choice of a startup partner have presented mixed findings. Some suggested that women tend to opt for co-founders they have a good rapport with, someone who feels familiar and trustworthy.
However, other research indicated that women prefer partners who bring resources to the table, as a way to counteract biases they and other underrepresented entrepreneurs face from evaluators. Seeking resources enhances the credibility of a venture in the eyes of investors, a strategy commonly employed by men as well.
The study zoomed in on the concept of legitimacy as a crucial factor. It investigated how an entrepreneur’s own legitimacy, based on their credentials and abilities, influences their choice between personal chemistry and resources.
The right match
Through multiple analyses, including profiles on a startup matchmaking platform and surveys of startup partners in an incubator, consistent findings emerged.
Entrepreneurs who prioritized partners with extensive experience and skills tended to receive better evaluations from potential investors. Those who emphasized interpersonal chemistry with their co-founder had more stable ventures, with lower rates of dissolution within the first year.
Women adjusted their co-founder strategies based on their own levels of legitimacy. When female founders had high levels of experience and skill, they leaned towards selecting co-founders they could work well with. However, when their personal legitimacy was lower, they leaned towards partners with resources, aiming to bolster their credibility in the eyes of evaluators.
Both approaches offer distinct advantages. What stands out is women’s adaptability in choosing a strategy that aligns with their specific circumstances. In contrast, male founders may be limiting their ventures by prioritizing credentials and neglecting the importance of personal compatibility.
“We couldn’t find a scenario in which men came to prioritize or value, to a greater extent, the chemistry side of the equation,” the researchers conclude. “When you think about pulling together a founding team, you really need both ingredients.”
