Networking is essential for the success of a startup. By building a strong network of contacts, entrepreneurs can connect with potential customers, investors, mentors and other key stakeholders to grow their businesses.

The ability to establish valuable connections has become a determining factor for success in an increasingly competitive and dynamic entrepreneurial ecosystem. Startups and entrepreneurs are aware that simply offering quality products or services is not enough to stand out in the market. At this point, a powerful and transformative tool comes into play: networking.

This term is defined as the process of establishing and maintaining professional relationships with people who share similar interests, goals, contexts or sectors. But here, in the ‘startup’ reality, its meaning is amplified even more. It involves not only the building of a network of contacts, but the active practice that fosters the creation of a collaborative climate, from which strategic partnerships and growth options are born.

Startups find building strong connections an invaluable asset in their quest for prosperity and scalability. In the last two decades, entrepreneurial networking has undergone a true revolution thanks to the multiplication of digital platforms and social networks specialized in connecting experts from all industries. In fact, according to a 2017 LinkedIn study from 2017, 80% of respondents consider professional networking important to success and more than 35% that an informal conversation through the platform has facilitated a new job, career, sales or business option for them. In fact, 25% were able to establish a business partnership and 61% share that regular online interaction with their network can generate potential job opportunities.

Entrepreneurial networking is not simply about accumulating business cards or contacts in a social network, but about building genuine and meaningful relationships that can generate mutual benefits in the long term. For entrepreneurs, it is a meditated praxis that encompasses several fundamental purposes, which, to a greater or lesser extent, sooner or later, end up being essential for the progress and success of a startup:

Meet potential investors

This practice gives startups natural access to potential investors and capital, a fundamental condition for growth. Through events, conferences or online platforms, companies can establish direct contacts with interested business angels. This interaction gives entrepreneurs the opportunity to present their proposals. In addition, networking allows for a deeper understanding of the preferences of different funders, so you can target those who are most aligned with your vision and industry. In this way, not only is the required money raised, but also a strategic backing from a committed figure. In all of this, it is evident that if you have the opportunity to meet and captivate investors before being in a round, it will help you to close it earlier and improve what you want.

Capture new customers

But it’s not just investors who are interested, it’s also about generating public interest and winning customers. Of course, you can spot them yourself and attract them, but networking also allows you to get recommendations and referrals to build a broader, more solid and lasting base. In addition, the feedback and feedback you get from them allows you to adjust and improve your offering, which in turn increases the likelihood of attracting more satisfied customers who become advocates of your brand. Finally, by interacting with other professionals you have the opportunity to identify potential leads and get to know their needs and preferences in order to present your products or services in a more personalized and effective way.

Create a support network

The entrepreneurial journey is often full of challenges and complications. In these situations, the support network built through networking comes into play. By establishing connections with people who share similar interests and goals, a community is created where entrepreneurs can share their insecurities and successes without fear of judgment. This support can offer practical tips, advice, motivation and a sense of differential fraternity. Undoubtedly, something ideal to alleviate feelings of isolation, which often accompany the entrepreneur, and to overcome difficult stretches.

Acquire information and knowledge

By interacting with mentors, peers and experts in various industries, a wide range of perspectives and experiences unfold. Through in-depth and enriching conversations, entrepreneurs can gain first-hand information on successful strategies, obstacles overcome and lessons learned. These interactions offer a direct way to access meaningful tips and tricks that could take time to deduce on your own, saving you time and mistakes. In addition, networking opens the door to events where specialized and updated knowledge is shared. All of this not only accelerates the development of startups, but also empowers entrepreneurs with the data needed to make informed decisions in multiple situations.

Enhance visibility and reputation

This objective is based on the intention to increase the recognition and positive perception of a company or entrepreneur. This approach seeks to consolidate an image in the market and among the public. As one becomes a recognized figure in relevant circles, trust and positive perception in the ecosystem (customers, partners, collaborators, etc.) increases. It also reinforces the credibility and reliability of the products or services offered by the startup. In this way, recommendations among contacts multiply, creating a cycle of constant improvement in the visibility and reputation of the startup.

Having gathered the main objectives of entrepreneurial networking, it is necessary to review some strategies that will be useful to succeed in this practice. In the end, it is a fundamental skill that demands focus and skill to be truly efficient and to get the most out of it.

Define your objectives

Before you start networking it is essential to be clear about what you are looking for and what you are looking for (job opportunities, business partners, clients, mentoring, etc.). Making your goals concrete, which should be specific and realistic, will help you direct your efforts towards the right connections and avoid those that are not relevant. It will also allow you to measure your success over time.

Building a stable personal brand

It is the way to forge your identity in the entrepreneurial world, the authentic expression of who you are, what you represent and what you bring to the entrepreneurial ecosystem. This goes beyond your professional experience, because it includes your values, passions and your background. It ends up becoming the first impression you leave on the people you meet. A well-defined self-brand can act as a magnet for the right opportunities, because people trust those whose image radiates authenticity, skill and consistency.

Participate in events and conferences

Any startup event related to your sector is an excellent place to meet personalities relevant to your interests. Before attending, research the speakers and participants to identify the figures you wish to interact with. During these spaces, don’t be afraid to engage in conversations and be proactive. Introducing yourself is the beginning, but keep connecting after the event to maintain the relationship.

In Spain, there are several highly prestigious ones, such as the Mobile World Congress in Barcelona (with a specific space for entrepreneurs and startups called 4 Years From Now); the South Summit of Madrid, one of the world’s most recognized networks of connections, where Bcombinator has also been; the Startup Congress Galiciawhich has consolidated its position as the main investment and entrepreneurship forum in the northwest of the peninsula; or the Alhambra Venturethe most important in southern Spain, among many others. All these events are annual. In Barcelona, on a monthly basis, Bcapital Day has positioned itself as the most popular and beneficial event for the community. It is held on the last Thursday of each month and the best startups in the country seek funding (from our fund or other invited investors), exposing their project in front of a qualified jury, and strengthen ties with the entrepreneurial ecosystem. In addition, before the project presentations, a relevant topic is discussed with an expert or relevant figures. You can sign up for this month’s celebration here.

Develop communication skills

Active listening is a core competency. Ask open-ended questions that encourage conversation and show sincere interest in what others are saying (two-way). This also gives you valuable information to find points of connection and possible ways to collaborate in the future. Good communication not only allows you to get to know people, but also to understand their needs and how they could benefit from your expertise. To achieve this, it is key to empathize and generate a comfortable and natural environment.

Offer before receiving

Reciprocity and generosity are fundamental and act as a bridge in any relationship in the entrepreneurial world. Before asking for help or favors, look for ways to offer value (knowledge, resources, assistance, etc.). When you show that you are willing to help, you create stronger and more authentic bonds and make it easier for them to be willing to lend you a hand in the future if needed. It is a philosophy that can transform your professional relationships and position you as a valued and respected member of the entrepreneurial community.

Correct use of social networks

Online platforms are accurate extensions of your real-world presence without geographic barriers. Share interesting and useful content for your community, interact with others’ posts and join groups, especially on LinkedIn, the tool par excellence for establishing professional connections. Consistency in your social media presence will help you stay in the minds of your contacts and attract new relationships. Don’t just use them to promote your own startup, also share useful resources, such as articles or ideas that help and add value to other entrepreneurs. This will build trust and credibility, which will facilitate the creation of future relationships. While it is important to show your experience and knowledge, it is also crucial to be yourself. It seeks to establish connections that transcend the virtual to generate real opportunities.

Pursue a long-term strategy

Networking is a lasting investment in your career as an entrepreneur. Keep in touch with your connections on a regular basis, even when you don’t need anything specific. Consistency demonstrates your commitment and attention, qualities that solidify the bond, making it deeper and longer. Moreover, such reciprocity can lead to unexpected and beneficial collaborations in the future.

In short, networking in the world of entrepreneurs is an essential practice for the success of any startup. Increasingly required and demanded in the entrepreneurial ecosystem, it needs to be carried out with attention and care. If you want to read more tips for improving and perfecting this process, we leave you with a recent article article from Forbes magazine to complement this reading.

Coworking as a potential source of networking

Coworking spaces have emerged as dynamic and collaborative places that go beyond providing parallel or shared desks where entrepreneurs and startups coexist. The strength of these environments lies in their ability to facilitate the meeting and interaction between professionals, promoting the construction of working relationships in a direct way. By choosing a coworking as a base for your business, you immerse yourself in an environment designed to meet others and different points of view.

Networking in the startup ecosystem flows naturally. Being surrounded by profiles similar to yours, whether or not you share the same sector, encourages spontaneous conversation. In fact, according to data from Zippia data, 80% of coworkers turn to their coworkers for help or guidance, and 64% say they get additional jobs or freelance projects because of connections made there. Here is the link to book a free, no-obligation tour of the Bcombinator coworking space.

In addition, these buildings often host activities and events specifically designed to encourage networking, such as the Bcapital Day mentioned above. These provide opportunities designed to meet other professionals with shared needs or interests. Undoubtedly, coworkings have proven to be ecosystems conducive to personal and professional growth and, above all, a potential source of networking.