As is the case with most complex problems like this, the correct answer is: it depends.
In this case, it depends on what the crux of your business is. Sometimes the crux is building world-class technology. Sometimes the crux is customer acquisition.
If the crux of your business is customer acquisition, then an exceptional business co-founder will actually be the most important ingredient to long-term success.
This is one of the biggest weaknesses I've noticed in YC's mantra. In most industries, just building something people want doesn't lead to success - you have to excel at customer acquisition also. And, in these industries, as you business matures, you realize that customer acquisition, at scale, is actually the hardest problem to solve.
I think you've just argued yourself out of a position of "it depends." This is one of the few areas where there's no wiggle room. A worthy business co-founder MUST be able to bring something practical to the table, and in my experience as it also seems to be yours, there's only really two ways they can do so:
- Be great at customer acquisition (or at least as the original article says, bring in a "customer waitlist")
- Have or bring in actual funding
If the business co-founder can't even bring one of these two things to the table, there is no justification whatsoever for them to hold a meaningful share of the startup's ownership.
In this case, it depends on what the crux of your business is. Sometimes the crux is building world-class technology. Sometimes the crux is customer acquisition.
If the crux of your business is customer acquisition, then an exceptional business co-founder will actually be the most important ingredient to long-term success.
This is one of the biggest weaknesses I've noticed in YC's mantra. In most industries, just building something people want doesn't lead to success - you have to excel at customer acquisition also. And, in these industries, as you business matures, you realize that customer acquisition, at scale, is actually the hardest problem to solve.