The role of networking in keeping the startup dream alive and kicking

“Startup” is one of the most misunderstood terms and these days also the most prominent buzz word. It is often used without a consideration. Let us take a step back. In 2015 the Honourable Prime Minister introduced the term “Startup India, Standup India.”

At this moment, discussions were centred on the problems of the nation and how to resolve it by innovation, Make in India and self-reliant in future. In this case, innovators faced very challenging problems at the very beginning of their research.

They were spending money like there was no tomorrow. In response to this, government departments and other institutions started developing policies and initiatives to aid inventors and entrepreneurs. At the same time, self-supportive structures began to cultivate a spirit of synergy.

Groups started to form and programs like eChai and Chaipani started to serve as networks that allowed their members to converse, collaborate and be noticed. It is evident that there is much progress that has occurred in recent recent years.

Programs that were once exclusively for government policies now exist for common folk and the public is also developing networks.

Mentors and investors have also provided support in plenty and we can finally see them as the once faceless and voiceless supporting pillars of our current improved conditions.

Although today it would seem that there is plenty of funding, grants, and accelerators available, finances alone will not save a startup from death. What really sustains and energizes this ecosystem is the networking potential.

For someone who started a business from scratch, resources are not limited to only funds but also to strong relationships. Networking has the potential of opening a lot more than just a business. It could lead to potential customers, co-founders, users, and much more.

Just imagine the huge number of organized panels, demo days, and startup events taking place every year across the country.

Each of them carries the potential to enable growth. One contact from a business meeting could transform into a strong distribution partner. One contact from linkedin could lead to a startup gaining partnership with a global level investor.

Connections will facilitate and shorten the long process of tough learning. Networking is essential as it allows business owners to immerse themselves in the trends of the business world and in the latest technologies.

While building a startup, some hurdles do appear. Products may fail, clients may change, and tech may get outdated. This is also the time when the power of a network becomes visible. Staying connected to the community enables founders to receive real-time, almost completely unfiltered, but nevertheless very useful feedback, on their products.

This feedback loop enables them the powerful ability to understand when to pivot. Additionally, the other startups that had to pivot before finding their true product-market fit that the founder meets while networking greatly reduces the fear that is often associated with change.

Emerging technology founders, for example, may discover new adjacently accessible markets through peer networking, thus enabling much needed adoption to take place. Networks then become the compasses in the hands of founders.

Staying afloat with a startup is arguably more challenging than starting one. Withered excitement, exhausted funds, and penalty-box style burnout all contribute to various issues.

This is where networks become incredibly useful. Peer networks provide consolation, reminding everyone that there are plenty of other cold coffees and empty inboxes. Industry networks allow peers to access jobs, business partnerships, and even funding.

Connections and mentor’s networks provide perspective to crises and reassurance to the founders, providing a sense of connectedness to the advisory network. As a bonus, continuous networking helps startups gain sustained credibility.

If a global market founder is honoured and respected, they gain effortless access to media, potential investors, and introductions. With the passage of time, these intangible elements tend to become just as important as the financial capital.

There is no doubt that the Indian startup scene has matured a lot since 2015. The networked ecosystems have live infrastructure provided by policies, grants and capital. The networking has also helped unlock growth through access and learning.

Feedback and shared experience has also helped in pivoting. Credibility and community support has also enabled them to sustain. There is no doubt that relationships are the most important stacking factor in addition to funds and ideas.

In fact, the lack of them is often the reason why most ideas do not get off the ground. A connected founder is almost guaranteed to have their vision fully realized, no matter how difficult the path ahead.

Tosha Shukla is one of the contributors in Gujarat’s innovation and startup ecosystem, currently serving as the Head of Navrachana Innovation Foundation at Navrachana University, Vadodara.

At Navrachana Innovation Foundation, she established a Section 8 company to streamline grant access for student-led startups, spearheaded capacity-building programs, and forged strategic partnerships to run impactful open innovation initiatives.

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