Copreneurship and Business...The Best of Both Worlds
Written by Darryl Johnson
Copreneurship are entrepreneurial couples who are in business together and are committed to helping one another succeed in business and life; to live their increasingly satisfying fulfilled lives and enjoy the journey together. This is considered to be a new term for an old style of entrepreneurship. The term came from Frank Barnett and Sharan Barnett who combined the word couple and entrepreneur. Copreneurship is one of the fastest growing, segment of a family business. When the Barnett family initially conceived the copreneurship idea, they specified joint ownership, demonstrated commitment and responsibility to the business, as well as the blending of work and family worlds as the prerequisites for copreneurship. Although this is one facets of the entrepreneurship model, it’s very common and still very under-researched; it’s more difficult to gather separate data on copreneurial partnerships.
The major key to starting a successful business with your significant other is understanding his/her strengths and weakness and also be able to accentuate those characteristics in each other. It’s also important that both parties separately conduct research on whichever business venture you decided to embark on.
Couples who marry into their work and personal lives encounter a lot of different unique challenges that an average business person wouldn’t face. They must be able to balance business and family; utilizing each other’s strengths and learning the art of compromise. As long as you have mutual respect and recognize each other’s talents, those challenges are much easier to navigate. With today being National Spouse Day here are ideas for couples to start in 2019:
Julia & Kevin Hartz, Eventbrite
In 2006, these two Copreneurs launched their business while planning their wedding. The online platform today has processed 140 million tickets in 179 countries. They have also helped push forward more than $2 billion in gross ticket sales, according to data on Crunch Base. They built their business off the same morals and principles.
Victoria Ransom & Alain Chuard, Wildfire
In 2008, Victoria Ransom and Alain Chuard launched "Wildfire," which is a marketing platform app that they created in their living room. In 2012, the couple sold their company to Google for $350 million. The copreneurs always made sure their business was strictly about businesses, Chuard said “When we're at work, no one would even know we're engaged ... It's not relevant. When we do disagree, we take it offline.
Adi Tatarko & Alon Cohen, Houzz
Adi Tatarko & Alon Cohen created an online platform for design renovation. The idea came about in 2009, when they were having difficulty explaining their own vision of a home to architects. Since they have been open, they have accumulated a total of $48.6 million in funding.
Emily & Rob LaFave, Foodzie
The founders of Foodzie met their first year of college at Virginia Tech and they have been together ever since. Foodzie was a startup that helped create a way for customers to find and curate food from small artisan food companies. In 2008, they were accepted into a startup accelerator program called TechStars and received more than $1 million in funding. The company net worth now is $19.4 million.
Kass and Michael Lazerow, Buddy Media
The Lazerows founded Buddy Media in 2007, but this isn't the first company they've started together. In fact, this is actually their third business endeavor together as copreneurs. The social enterprise company connected with top advertising firms with consumers and it was acquired by Salesforce for $689 million in June, 2012.