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A cofounder is invaluable. They're your most reliable & trusted partner as you build a company. They also have 20x more equity than employees. That should set the bar for working together: would you rather split the company w/someone, or use that equity for hiring/raising $/etc?
Highly suspect we will see a lot more single founder + 30-40% ESOP in the future.
*nuance I forgot. You can often get dramatically better talent for 5% as a first employee than you can for 40% as a cofounder. Weird shift in mental framing does a lot
It's not just a mental shift, it's a salary and expectation shift. Co-founders eat last (whether you raise or bootstrap). First employees take a salary hit, but should be shielded from the harshness of ownership.
this is basically the pitch of venture studios (but instead of an employee it's an entity that acts as a faux cofounder) The belief you need two founders has basically left out single person teams with good ideas - studios are a correction
Seems like the right fit between a solo and the right studio might be more valuable than the fit with the right co-founder?
I agree. A few co's we have invested in have done this. It seems to work well and I'm surprised it; isn't more common. You can end up with 5-10 ppl that are very very dedicated and incentivized non-founders, instead of a single co-founder that maybe you just met a few months ago.
30-40% ESOP? 
Yeah. Which is fine for lots of people. And I definitely have no incentive to say that 
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