10 Rules of Networking for Startups
Networking is essential for startups: in order to build trust and credibility in your business you need to be visible and to make personal connections. Whether you want to recruit, attract funding, or win clients, it’s the personal touch that will win people over.
You almost certainly need to build new contacts as you get your startup off the ground and, if you’re innovating a brand new field, there may be no pre-existing networks for you to join. So how do you go about building your own network?
The first step is to identify what your networking needs are. Networking isn’t (just) socialising and you need to be selective about the events that you choose to attend. If you’re searching for investment then you might want to attend a different event than if you’re looking for possible clients. Select your events carefully and familiarise yourself with the list of attendees ahead of time to ensure that you know who you should try to meet while there.
Remember that networking is never one sided. Listen as well as talk. It’s great to have an elevator pitch handy but by far the best contacts are made when you take the time to find out the other person’s needs. Give to get. Networking is all about identifying a people who can help each other.
Rely on word of mouth. Every contact you meet is a potential source of many others. Don’t be afraid to ask who else they think you should meet and, if possible, to ask for an introduction. Pay it forward, too. Offer appropriate introductions to your close contacts. A close-knit network is more likely to endure than a series of one-to-one contacts.
Search for leads everywhere. Some incredible contacts have been made at 40,000 feet above sea-level. If you sense an opening, explore further: find out what the person next to you really cares about and see if there’s a fit with your startup.
Use social networks, but not exclusively. An approach on LinkedIn can be a great start to a working relationship, but try to move that contact from the virtual to the real world if you can. People are still more likely to remember and to trust people once they’ve met face-to-face. And do customise those LinkedIn contact requests. That’s just a quick way of showing you actually care about talking to the person.
Seek introductions wherever you can. The great advantage of social networks like LinkedIn and Twitter is that you can see who is connected to whom. If you know that there’s a certain VC whose portfolio is just crying out for a startup like yours, see if they’re connected to anyone that you know already. Make contacts with the other startups in their portfolio, too: they’re the best source of information about potential funders and about their fit.
But don’t just request an introduction: put in the groundwork and really earn it. If you want Bob to introduce you to Alice, you have to convince Bob that Alice would be really grateful to be introduced to you. As a bonus, if Bob is convinced that your pitch is a good one then he’ll help you to make it! Everyone likes to be credited with the beginning of a successful working relationship. Just imagine how nice it is to be able to say: “Oh, that huge success? You know, I got them together with their investor.”
Never forget to follow up. Organise your contacts after every networking event. Make sure that you have a spreadsheet, Rolodex or contacts list and keep it current. Get back in touch with an “It was so nice to meet you,” email. Remind the contact what it was that you had in common and they’re more likely to remember you later on.
Always be yourself. You are your startup. If you’re looking for a good fit between your potential investors, clients or colleagues, you want them to know the real you. Your time is too precious to spend it trying to be something that you’re not.
Cherish people who are different to you. You might have a real flair for design but no eye for numbers. While it’s nice to network with other design-enthusiasts, you’ll need some number-wranglers in your life. A good network should cover all the bases that you don’t.
Networking is always a big investment of time and effort but there’s no doubt that it’s crucial to the success of any startup. It gives you reach and diversity beyond what you can manage in-house, and it’s still by far the best way of finding the best fit between your startup and your future collaborators.
