Poonamtandon
I am sorry, but a recommender should preferably be your supervisor at work or college professor, not a class mate or a colleague.
I hope it helped.
Professors should NOT be recommenders. The only time a professor is appropriate is if you are right out of undergrad or graduate school and WORKED for that person. Schools do not want academic references.
And for some schools it is appropriate to have a colleague write the letter of recommendation (i.e. Stanford's peer recommender). In nutsngum's case this isn't someone who sits in the cube next to him. It's the co-founder of a mentoring organization. For some applications this may be appropriate, but it depends on the school.
nutsngum we cannot tell you which schools it will work for. Go to the websites of the schools to which you want to apply and see what type of recommendations they require. If they say professional recommendations, then your classmate/co-founder is not appropriate. If they say at least 1 professional rec and you can choose another person for your second one, then your cofounder becomes a viable option.