So… here's my opinion on building an effective team for your tech start-up or tech product.Unless you are an experienced programmer you're going to need to bring in talent and management of that talent to get what you want built.That's either going to cost you equity or cash. So what if you go the equity route?
You're going to have a couple obstacles to overcome.
- You're going to have to convince your potential partners that the reward outweighs the risk of the time and effort they are investing. If the odds of a payoff are less than 50/50 then the potential rewards really need to significantly improve their quality of life.
- Competition. Right now there is fierce competition for technical talent in the corporate world. Freelance and contract developers are being snatched up left and right. Finding those that are willing to forego lucrative salaries for potential equity is going to require some digging and convincing.
So, what about the cash route? If you use the right sourcing for talent this can be a more streamlined but more expensive approach.
You need to find a talent source that has a track record of delivering quality candidates and better yet, backs their talent with a replacement/refund guarantee. If you have experience with a recruiting firm that you trust is a great option or an agency like TopTal can provide you with quick access to global talent.
If you are using a recruiter, you'll need to do some technical and cultural evaluation of potential candidates. With agencies, they will have done the technical eval and you can focus on team fit.
I typically recommend going with the cash approach over an equity approach but it means you are going to have to budget for technical resources. But, if you have an MVP that can get you to market quickly and start flowing revenue into your business, it's a much more reliable approach than trying to attract partners and convince them to split equity with you.
If you've got more questions about how to build a tech team or want some advice on which strategy works best for you and your project, book a free session with me.
I'll be happy to help you figure out the next best step for you.
