“If you want to go fast, go alone. If you want to go far, go together.” – African Proverb
The value of a startup community is often an overlooked ingredient of accelerating startup success. Startup communities are a self-sustaining ecosystem connecting like-minded founders, mentors and leaders from all walks of life to solve the most pressing startup problems to successfully launch a startup.
These startup communities provide an integral support system for inspiration and knowledge that is vital at various stages of the startup’s growth. A wide number of startup communities target different industries, niches, or growth stages giving entrepreneurs options to find the ideal fit and benefits. Let’s take a look at the upside of joining and participating in a startup community.
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Strengthen your founder/mentor/investor network to increase the chance of startup success
Startup communities bring together bright, creative, and innovative people ambitious to not only solve challenging problems, but to provide collaboration and support to others. By joining a community, entrepreneurs can change the traction and trajectory of their startup.
Got a problem? Sometimes the solution may not lie within you but within your network. Being on the receiving end of years of knowledge from other experienced professionals is a key benefit of aligning yourself with a community of entrepreneurs. As trust begins to build, so does establishing a long-term mutually beneficial relationship which could transform into a valuable mentorship or partnership.
Need a partner or even a potential co-founder? Community and event gatherings open up incredible networking opportunities with other professionals to partner with which can further advance startup success. You may even find the perfect co-founder to complement your vision and skills within the community. With time, you’ll build confidence and trust to help each other out such as giving references and referrals. The professionals in the community not only want to help boost your startup but the community as a whole.
Need an investment? Investors are an integral part of the startup community. They offer a unique lens into the experience of investing in other companies and can also provide valuable advice in the lens of what investors are looking for. They are actively interested in investing in great startups ready for the funding to help propel their growth.
Learn from other Founder’s Mistakes and Successes
“Entrepreneurship is synonymous with failure,” says Derek Andersen the founder of Startup Grind, a 150-Chapter community for entrepreneurs. “Great entrepreneurs probably fail more than anyone else but they relentlessly search for solutions while at the same time being unafraid of the consequences of short term failure.”
As unique as your startup may be, there’s likely been people in the trenches before you who have experienced many successes and failures. These entrepreneurs often are willing and eager to share their advice, talking openly and truthfully. Whether it’s an issue with customer validation, marketing strategy, product development or another issue, you’ll find someone in the ecosystem who has been there before you and achieved some milestone you dream of reaching too.
Discover Potential Customers
There may be an assumption that most people in the startup community are too busy building their own businesses and don’t have time to help others. In fact, many professionals get involved with startup communities to give back and include making connections among their own network. What you may find is the community is connected with larger businesses which may be your ideal customers. People within the community start referring customers to you that they think may be a great fit or perhaps become paying customers themselves.
Accelerate Your Startup Success with Venture Out’s Lab
Venture Out’s vision is to increase founders’ chances of success by providing a community of like-minded individuals, programming and mentorship to support your growth. Our Lab is a breeding ground for entrepreneurial-minded engineers and successful business minds building their next companies or seeking to join a fast-growing startup. With that passion and dedication, we offer a unique opportunity to connect with the startup community through the Big to Small Lab.
Learn more about our Big to Small Lab