I will not promote - Should we raise and hire or keep bootstrapping and look for another technical cofounder?

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Find a critical manager who can refine and optimize your decisions. From what you’ve told me, I see a clear division of responsibilities. You’re in charge of the technical side, so you’re the one who needs this developer—not your friend. For your friend, this is a waste of resources. How can you even find a co-founder whom you’ll pay with food and rent? The world is a very pragmatic place, and you won’t get very far on an idea alone.