This post is part of a series, "The One Thing," where I ask today’s successful leaders to identify the single most important lesson they’ve learned on a given topic.
Efforts to level the playing field for female entrepreneurs are gaining ground with investment in startups that have at least one female founder rising to $46 billion last year, more than double the amount in 2017. And startups with women on the founding teams are more likely to exit at least one year faster than the rest of the market, according to a new report from PitchBook and All Raise.
Several forces are narrowing the startup world’s gender gap from more women cutting venture checks and leading deals, to a greater appreciation for the overlooked and underrepresented opportunities female entrepreneurs bring to the table. Increased networking and mentorship opportunities have also proven to be crucial accelerators for founders to push past the proverbial boys’ club that’s traditionally excluded them.
In honor of Women’s Entrepreneurship Day which spotlights the leaders and solutions that are expediting the pace of progress, I asked six female founders for their best advice on building a meaningful network. With the systemic obstacles entrepreneurs face, the question of how to effectively cultivate, harness and take better advantage of networks is critical, and these founders underscore that the most valuable resources behind startup success remain the people you connect with.
“What’s the one unconventional networking tactic you’ve used to fuel your entrepreneurial success?”
Look For Organic Networking Opportunities
I’ve never been a fan of capital-N Networking. It feels intense, canned, and uncomfortable (especially as an introvert). I believe the strongest business networks are organically formed via genuine conversation and connection, rather than transactional exchanges. This perspective proved crucial as I began to vocalize the idea of Chief—particularly to the investor community. The most helpful tactic I relied on during this VC networking was initiating conversations with investors who I thought might be interested in Chief months before my cofounder and I actually went out to raise. Because these initial meetings were purely informational (we were not yet ready to take a check, even if it were offered), there was significantly less pressure for all parties. Instead of feeling burdened in any way, the investors were genuinely interested in getting to know me as a human and a founder. These honest conversations led to ongoing friendships and business relationships, and, ultimately, successful seed and series A raises. –Carolyn Childers, Cofounder & CEO, Chief
Embrace The Cold Call
Surprisingly I have really taken to cold-calling other CEOs, founders and executives. Leading up to the launch of Maisonette, I cold-emailed so many people, including the CEO of Mattel, for advice on matters from retail and e-commerce to digital marketing and engineering. In full transparency, cold outreach can seem intimidating, but you’ll be surprised by who typically responds and how much their guidance or experiences can be helpful when starting and running a business. The people who respond are the people who will likely be the most helpful. The invaluable information shared amongst CEOs and founders that I respected and admired was so integral in Maisonette’s early days and I continue to use their advice to this day. –Sylvana Ward Durrett, Cofounder & CEO, Maisonette
Share Vulnerabilities
When speaking with someone I really admire and want to learn from, I find opportunities to express vulnerability and humility by letting them know that I don’t always know what to say and sometimes I have no clue what I am doing.
At networking events, you never know who you’ll meet or run into—and as you get to know each other, you may realize that there’s a mentor in the making for you. However, these types of gatherings or groups often pressure people to “peacock”—pretend to be something they are not, or carry the air of someone who knows everything. By being vulnerable and letting down a wall, I’ve been able to gain some incredibly valuable personal mentors, as well as advisors to my company. This mentorship and advising has even led to investor referrals, due to their belief in me, my vision and my coachability. I firmly believe there’s greater power in asking for help, because you never know who will bat for you in return. –Lynn Le, Founder & CEO, Society Nine
Have Patience
Most of the successful networking I have done has been slow, genuine relationship building. In business we are taught to be direct and aggressive, but the point of networking is to meet people whose interests or skills or networks genuinely align with your long-term goals and with whom you can form a mutually beneficial relationship. Sometimes, figuring that out takes time and patience. It also takes maintaining relationships after the initial intro/meeting. Fortunately, if you meet smart, driven people there is probably something interesting enough about them to foster a true relationship.
For example, I learned that someone I started a relationship with at a networking event was training for a marathon. At the time, there was no immediate benefit, knowledge sharing or partnership for either of us (worked in different industries), but I kept in touch with her and continued to ask her about her marathon—something I was genuinely interested in and that we had in common (so it didn’t require reminding or effort to follow up). Now, nine months later, she is building her own company and our careers align in a new way! Effortless, enjoyable and fruitful! –Melanie Holohan, Cofounder & VP of Programming, Stacker
Your Customer Is Your Network
Involving our community early in the product development process has been extremely helpful for us. Fans of the brand get to test out new or upcoming products before anyone else, while in exchange we rely on them for their direct feedback, which adds so much value in the long run. It’s a super mutual relationship that also ensures a built-in network of brand fanatics—win-win! –Jen Atkin, Founder & CCO, OUAI
WEST HOLLYWOOD, CALIFORNIA: Jen Atkin attends the Rachel Zoe Box of Style Female Founders Dinner at ... [+]
Tap Social Networks
Eight years ago, when Dana’s Bakery started, D2C was not yet a thing and we were one of the first-ever online-only bakeries. By using free social media platforms (like Instagram and Facebook) to showcase my products, I unexpectedly caught the attention of customers from all over the country and was faced with the fortunate problem of having to figure out the logistics of shipping nationwide. What started as a local online bakery quickly expanded into a nationwide delivery service. From customer service to customer feedback, we use Instagram and Facebook to connect directly with our consumers. –Dana Pollack, Founder & CEO, Dana’s Bakery
