Put bluntly it’s a big stand off. The startup founder (“Hey, I’m the ideas guy/gal!”) goes tail wagging desperately looking for a tech co founder, someone who can look at the holistic view of the startup, the long term, code the iOS app, the Android app and the back end, the reporting…. those unicorns don’t come cheap, circa £75,000 p/a if you want a quality tech co-founder, someone who will be “all in”. Your short runaway will become a lot shorter, that £300k seed you need to get going is basically mandatory.
Of course there is another side to this. A finder needs to identify a good CTO.. It’s not like there is a large supply.
I’ve been on the fringes of the local software industry for the last 20 years I can count on my fingers the people I’d approach for such a vital role.
Part of this is their ability: they have to command respect, have a good reputation, be pro-active and have a can-do attitude and probably have done more than just worked for a wage in a local company.
The other part is my ability. Will I have to manage them? Am I a good judge of ability or character? Can I raise the cash to get them paid? And if I can, have I judged correctly; is this just another job or are they part of the team?
Over the years I have, with friends, built a heap of stuff you’ve never heard of. The 23rd Letter, SpaceNinjaCyberCrisis, ZOMBI, Syncbridge, Rickshaw, Infurious Comics, Eagle Lake; stuff that was always ahead of the market and if I had been smarter, better connected, more business-savvy, more predatory then I might be talking to you from a private island.
My opinion is this.
CTOs are incredibly rare in Northern Ireland. And when you find them, chances are they will be working for a high five-figure salary with benefits within a secure FDI company doing work well beneath their ability. Their lifestyle will have grown to demand that salary and only inspiring friendship or a mid-life crisis will urge them to move. That will be a lot of risk for the aspiring CEO – because you’re banking someone’s life on the strength of your idea and using your relationship as collateral. And the money had better follow.
As you get older it will be more about the money and less about the relationship: so start young.