Serial Entrepreneur & Investor: How These Two Co-Founders Found Each Other - Elisabeth L'Orange & Heiko Hubertz, Oxolo

About this episode

When an experienced serial entrepreneur meets a former investor, it doesn't automatically create the perfect founding duo. However, Heiko Hubertz and Elisabeth L'Orange of Oxolo demonstrate how to methodically find the right co-founder – with both sides conducting their own due diligence.

From Kids' App to B2B AI Tool

Oxolo started with a completely different vision: a children's app that would make AI-generated superheroes the new best friends of kids. The problem? Children rarely use perfect dictionary vocabulary, which presented unexpected challenges for the AI technology.

Today, the startup has completely reinvented itself and creates satisfied B2B customers with AI-generated product and training videos. After a successful Series A, the team is now focused on further advancing marketing and sales. Oxolo now has several hundred thousand users – but enterprise customers demand a lot from the team.

The Systematic Co-Founder Search

For his third venture, Heiko Hubertz deliberately wanted a female co-founder by his side. His approach was anything but random: he put Elisabeth through what amounted to an assessment center. At the same time, the experienced former investor conducted her own due diligence – after all, she had already worked as a partner at a VC and knew exactly what mattered.

"What attracted Lis to the co-founder position despite having a secure job and partner track at the VC?" This question shows that even an established investor was willing to leave the safe path for the right founding opportunity.

Key Success Factors for Co-Founders

When experienced founders work together, different factors come into play than with first-time entrepreneurs. Heiko and Elisabeth deliberately took the time to test whether they wanted to work together. This process took several months – an investment that paid off.

An important aspect is clear role distribution: the two speak of "foreign minister and interior minister roles" in business. This separation helps optimize competencies and avoid conflicts.

Co-Founder Incentivization in Practice

A sensitive topic is always the co-founder's equity participation. How was Elisabeth given equity at Oxolo? This question concerns many founders who want to bring a co-founder on board later. Heiko and Elisabeth's solution shows that fair agreements are possible even with already-started companies.

When Is a Pivot Worthwhile?

The switch from the children's app to the B2B SaaS tool was a decisive moment for Oxolo. Early pivots can be promising when you recognize that the original market isn't working. The two founders had several options for a new product and deliberately chose the B2B sector.

Different rules apply in B2B SaaS than in the consumer space. The peculiarities of this market require a different approach to Ideal Customer Profile (ICP) and Product Market Fit. Oxolo had to learn why customers buy from them and how to implement these insights in product development.

Internal Communication and Remote Work

Despite all digitization and AI tools, Heiko and Elisabeth have a clear opinion on remote work: "Would never start a remote company again." This statement is surprising in times when many startups work completely remotely.

They have developed their own mechanisms for functioning internal communication. Particularly interesting: they also use their own technology internally for various use cases.

Current Challenges

The current issues occupying Oxolo reflect the typical challenges of a growing B2B SaaS company. After the Series A, it's about driving scaling forward without losing quality. Enterprise customers have high standards, and the team must meet them.

The story of Heiko and Elisabeth shows: a systematic approach to co-founder search, clear role distribution, and willingness to pivot can be decisive for success. Their experiences offer valuable insights for anyone facing similar decisions.