Foundrs.com: How To Recruit Great Co-Founders for your Startup

This is a quirky site and the default home page doesn’t have a lot of information on it so a more thorough web search is needed to get a better idea of what it does. It would be harsh to say that it’s a site for people wanting to play at being businessmen as it does have a serious side lurking somewhere within it I think.

Lots of people in the tech arena will know of instances where designers and programmers have contributed useful work enabling a start-up to get off the ground only to find they have no say or rights when it subsequently flies.

The site aims to put a stop to that as well as acting as an introductory source for people with ideas looking for suitable co-founders in an early stage venture. A list of start-ups shows the name and basic details of the product and any open positions for suitable co-founders to fill.

The significant part of the sites offering, and the one that seems to get the most exposure, is its Virtual Incorporation function. For a fee of $3.99 a month you can have your start-up hosted on the site, add founders and issue shares all in a virtual world requiring no formal business incorporation.

At the core of this function is a "legally binding" virtual incorporation document which according to the site takes seconds to complete online and sets out founding members and their share in the value of the business. If the idea looks like it will be a success the document can be taken to a lawyer and the business formally incorporated with none of the founding members who have contributed losing out on its future success.

Conclusion
It’s not a very user friendly site in its current format and I even encountered a bug whilst trying to negotiate my way around it. As for the legally binding virtual incorporation document, anyone looking to rely on it might want to check it out independently before selling their skills down the river.