In the early stage startup a Founder/CEO should also play a PM role. It might be not obvious, but the main problem having a dedicated PM on the team, is that u

In the early stage startup a Founder/CEO should also play a PM role. It might be not obvious, but the main problem having a dedicated PM on the team, is that unless PM has very strong engineering or business experience [and in this case that person should either code or bring in money], the PM would fill very insecure , surrounded by highly experienced people, who can actually do things. Cost of somebody on the team, feeling very insecure and trying to bullshit/manoeuvre/bully his way around outweighs any potential benefit to the team. From my personal experience, I've seen projects fail solely because of PMs protecting their turf.