Founders, investors, employees, customers, partners, mentors. Startups thrive on people. Here are twelve actionable tips for you as a founder to master the people game: networking.
We get it. Networking often ranks high on the list of dreaded activities for many entrepreneurs. As a startup founder, every minute counts, and networking might seem like an activity that doesn't offer immediate or guaranteed benefits.
You're passionate about your product—its functionality, potential and future. If it's exceptional, why waste time at networking events promoting it? Plus, many dedicated entrepreneurs are introverts who prefer analyzing and refining their products over mingling. You might be one of them. Moreover, a startup is not just business; it's passion. Why spoil the fun?
However, consider this: according to the Chicago Booth Review, around 29% of founders used their networks to raise funds, while 35% still need to explore this avenue. In other words, there's untapped potential to distinguish yourself from the competition. But how do you unlock it?
Top networking tips for Sofia, Bulgaria and elsewhere
We've reviewed public studies and consulted our community to come up with these nine tips to help you nail your networking game as a startup founder.
Find your North Star
You don't go out and meet people just to fill time. As an entrepreneur, you're always driven. Besides, without a clear purpose, losing focus is so easy.
Ensure there's a reason behind purchasing that conference ticket or setting aside tasks to chat with a stranger. Entrepreneurs do so for various reasons, but let's simplify them into two key motivations:
If there's one value you can take from networking, it's that it helps you stay ahead of industry trends. This is crucial in the unpredictable world of startups. Networking can empower you to pivot away from a dead-end path while fuel's still in your tank.
Consumer behavior changes gradually, and businesses at the forefront of their industries are the first to identify these shifts. Therefore, if you attend an industry networking event and hear the same insights shared independently by multiple individuals, it's worth investigating further.
Meeting potential partners, customers, investors, mentors, and industry experts can provide resources to propel your startup forward. Even if you don't secure a VC appointment through a meetup, you can tap into others' knowledge, experience and networks.
Your priorities vary at different stages of your entrepreneurial journey, as do the people you need to meet. In your startup's early days, you'll seek seed investors and founders of similar ventures to learn from. Later, your focus will shift to attracting potential employees, and so forth.
While networking, staying aware of your current goals and purposes is key. You'll encounter founders who network on autopilot, forgetting their purpose because it feels like work. They thrive on constant interaction, unlike introverted founders who prefer deep focus. Don't be like that.
Always. Remember. Your. Purpose.
Make every minute count
Networking is broader than events and social media. Always stay alert, seeking mutually beneficial relationships. Start a conversation if you frequently share an elevator with someone in your office building. If a deeper relationship seems valuable, invite them to lunch.
Want to speed the process up even further? Refrain from expecting others to read your mind. Be upfront about your short-term goals and why you joined the networking group. This transparency makes it easier for others to help you and find common ground.
Are you worried competitors might copy your strategy? You control what to share and what to keep private. Sharing that you're seeking a CTO or expert feedback on your website won't harm your position.
Coworking spaces like Campus X offer premium networking opportunities. With around 110 companies and 1300 individuals under our roof, daily interactions form a broad, supportive network you can join.
Go where it matters
Networking at the wrong gathering is like debating someone with radically different political views: it drains your energy, wastes your time and offers no rewards. If you're committed to making the most of it since you're already there, you might end up talking to many people without forming meaningful ties.
For example, a conference advertised as a networking opportunity might turn out to be a job fair. You'll meet recruiters and jobseekers rather than the partners or investors you seek at this stage. So, research in advance. Once there, quickly assess whether the setting aligns with your goals.
Choose events relevant to your industry with a participation fee. Attendees at these meetups often value networking opportunities, making them more open-minded and eager to build alliances.
Be open to more than one type of community or gathering. An MIT study found successful startup founders maintained ties beyond their alum networks. Embrace diversity.
Luckily, there is a whole world of networking in Sofia. Campus X alone regularly hosts community get-togethers and workshops our residents and guests are welcome to attend.
Do your homework
The right gathering is crucial, but preparation can elevate your networking game. Take the time to research the event's speakers and attendees beforehand. Find the ones that interest you on LinkedIn, connect with them and express your excitement about their participation. This sets the stage for a meaningful encounter later.
Next, develop an elevator pitch—a brief presentation of yourself and your startup. Ideally, you should create different versions for various audiences: VCs, industry peers, customers, prospective employees, fellow startup founders and potential partners.
Score the right intros
"Getting a warm introduction to a VC is a basic test of networking skills. And so if a founder can't navigate a network into a VC firm, it is unlikely that founder has the skills to navigate the other networks required to succeed in building a company."
Not our words. This quote is from Marc Andreessen, a world-class investor (although it's unlikely you've never heard this name). It must be true if he says introductions are welcome and even expected. Seek them from founders in investors' portfolios, your investors, their partners, experts and anyone within a VC's circle.
How to ask for an introduction? Prepare a brief pitch explaining why you seek the connection and what's in it for the other party. Present this to your contact, allowing them to gauge the interest before making the introduction. At Campus X, we help our residents connect with our handpicked community of mentors and investors.
Commit to giving
Clearly define your goals, but also consider others'. Look for ways to help someone else, fostering synergy. Approach networking with a giving mindset. Opportunities often hide in the fog of war.
Highlighting an opportunity you know about, sharing your experience and connecting with people can change lives without costing you anything. For instance, if someone seeks talent, think of a suitable candidate you know. Repeatedly performing such acts builds your reputation as a go-to person and a leader.
To excel in this process, you need to listen more than you speak. The talent seeker may not clearly articulate their goals because they don't believe you can help. You can uncover their needs by asking questions and carefully investing your attention.
Keep the conversation flowing
How often have you met someone, connected on social media and never talked again? If this happens frequently, frustration with networking is understandable. Even if you follow up, you might focus on high-profile contacts. However, chasing contacts that are out of reach often leads to networking fatigue. Instead, nurture relationships with peers or those slightly ahead of you in their journey—they're more likely to respond positively.
Next time you meet a like-minded individual, suggest meeting again over coffee. Aim to conclude every meeting with a new appointment. And remember to join their digital space.
LinkedIn excels for professional networking. Connect there and keep conversations alive by commenting on posts and replying to comments. This visibility builds trust with new people in your industry and beyond through shared connections. Remember to respond to others' efforts to build a relationship as long as they're respectful.
Tap into their networks
As you recruit, your network expands rapidly. New team members bring contacts from their past roles and academic circles. While many employees may not enjoy networking, you can encourage them to stay in touch with old contacts and leverage those relationships ethically.
However, tapping into others' networks is wider than your team's circles. Joining a coworking space like Campus X grants access to a national startup scene with global reach. Additionally, our mentorship programs attract people like you.
Play the long game
One connection won't yield immediate benefits, nor will the next. But the twenty-eighth new connection might propel you to the next level. Have you heard about the six degrees of separation theory? It suggests we're all six or fewer social connections apart. This means anyone, even outside your industry, could link you to someone who can advance your journey.
Your startup networking purpose is essential, but don't hyper-focus on it. Instead, aim to connect with new people, offer help when possible and clearly communicate your current needs. That said, keep your expectations realistic. Act consistently; eventually, your efforts will reach a tipping point where opportunities find you ready to seize them.
Ready to nail your startup networking game now?
Networking success often hinges on taking proactive steps rather than waiting for luck. Remember the familiar story of a man who prayed to God every day for 50 years to win the lottery—but never bought a ticket?
To boost your chances of striking luck, join an ecosystem where startup teams and other businesses flourish. Such an ecosystem offers cutting-edge infrastructure, abundant talent, capital and a robust support network where knowledge and experience are exchanged daily. All this awaits you at Campus X in Sofia, Bulgaria.
We host Bulgarian startups and international companies, including Dronamics, OfficeRnD, Telerik Academy, Americaneagle.com, Digital Lights, Storytel Bulgaria, Eleven and many more. Don't hesitate to drop by for a guided tour or message us to learn more and request a free trial day.
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