I've been building a side project with my friend, but they're not putting in as much effort as I am. We've been friends since we entered college together, but it's starting to become too much. Should I talk to them about it?

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Totally…a great partnership requires transparency during communication.

likeuplifting

The operative word here is side project, w/c typically means it’s not immediately compensating you & your college friend/s w/ urgently needed money & benefits (ex. Does the side project subsidize your health insurance, 401K, give each of you tax-deductible business expenses, help pay down student loans, etc.?).
You & your college friend need to transparently & objectively about how much should each person should commit time-wise, effort-wise, etc. to specific aspects of the side project, moving forward, as we are entering a foreseeable high inflation, post-Lockdown economic recovery era.
It is very possible that since your shared college years, your individual lives & priorities have significantly changed (ex. Raising families & putting in child care time; homeownership; going to graduate school; moving up a corporate promotional ladder; providing caregiving for ill/disabled/aging family members, etc.)
That dialogue should reveal what each of your immediate priorities are and how the side project duties & rewards (if any - like equity ownership & profit sharing if/when the side project becomes intellectual property or lucrative business that can be sold or licensed profitably to worthwhile investors) can be fairly divvied up.
If nothing else, you should watch the 2009 movie scene Julie& Julia (starring Meryl Streep & Amy Adams). In it, American culinary writer Julia Child & her French friend Simone confronted the slacking 3rd person in their French recipe book series side project, Louisette, wherein the typically timid Simone bluntly, resentfully, & hilariously told Louisette, “You’re not doing the (agreed upon) work!” Afterwards, they split up the work & rewards fairly, the rest being culinary literature & pop culture history.
Hope you & your friends figure things out healthily together!

If its a side project and not a startup business idea, then consider that this is just one of many hobbies and friendships he needs to divide his time among. In my first job, I found I was the only one interested in coding outside of work; my other coworkers got their fill during regular work hours and had more social matters to attend to.

If you need more help on this side project, find someone else or license it as MIT/GPL and get some open source contributors

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