Networking in Silicon Valley 2023

Leave a Comment / Rules of Thumb, Silicon Valley, skmurphy / By /

A primer on Networking in Silicon Valley 2023, collects material from articles I’ve written and briefings I’ve given over the last 16 years.

Networking in Silicon Valley 2023

“Connect on your similarities and benefit from your differences.”
Valdis Krebs

Silicon Valley is a hub for innovation, technology, and investment, and there are plenty of opportunities to connect with like-minded people who can help you grow your business. One of the most important things you can do as a startup entrepreneur in Silicon Valley is to network.

Common goals that networking can enable you to achieve

  • learning new information and insights, in particular, knowledge that’s not written down
  • scouting – understanding people and groups
  • forming teams and hiring employees and contractors
  • joining teams or getting hired
  • finding prospects

Networking In Silicon Valley 2023

When networking, you can meet a wide range of people from various backgrounds, industries, and professions. Here are some examples of the types of people you might encounter when networking:

  • Entrepreneurs: You’re likely to meet other entrepreneurs who are also looking to grow their businesses, exchange ideas, and explore potential collaborations.
  • Investors: You may also meet investors interested in learning more about your business or looking for new investment opportunities.
  • Industry experts: You might meet experts in your industry or field who can share their insights and knowledge and offer advice.
  • Mentors: You may find mentors willing to share their experience and offer guidance and support as you navigate your business or career.
  • Service providers: You might meet people who offer services that can help you with your business needs, such as marketing, legal, accounting, or IT services.
  • Potential customers: You might also meet customers interested in your products or services who can offer valuable feedback.
  • Influencers: You may come across influential people in your industry who can help you promote your business or provide valuable exposure.

Networking allows you to build surveillance networks: be on the lookout for how you can connect others to those you meet while networking, which is especially important for job seekers and entrepreneurs.

Two Type of Groups

When attending networking events, there are generally two types of groups you might interact with:

  1. Groups of peers are made up of individuals in the same industry or field as you or who share similar interests or goals. This type of group can be valuable for exchanging ideas, learning from others’ experiences, and building relationships that can lead to collaborations or partnerships.
  2. Groups with potential customers are made up of individuals who may be interested in your products or services. This type of group can be valuable for generating leads, building brand awareness, and making connections that can lead to sales or new business opportunities.

Joining both types of groups is essential, as they offer different kinds of benefits for your business. Groups of peers can help you stay up-to-date with industry trends and best practices. Groups with potential customers can help you generate new leads and expand your customer base.

As you join groups, remember that the goal is to become a member in good standing of a group.

  • regular attendance
  • online opportunities / parallel conversations
  • volunteer
  • speak

Finding Events

There are several ways to find networking events in your area. Here are some tips:

  • Search online directories: The easiest way to find networking events is to search online. Eventbrite and Meetup are popular platforms for finding local events and meetups related to your interests.
  • Use search engines to look for events related to your industry or interests. You can also search on social media platforms like LinkedIn, Twitter, or Facebook, as many networking groups and events advertise their meetings and events on these platforms.
  • Attend industry conferences: Industry conferences are a great way to meet like-minded professionals and potential customers. Look for conferences related to your industry or interests and attend them to make new connections.
    Join professional industry groups and trade associations: Joining industry groups is a great way to stay connected with professionals in your industry. Many of these groups host regular events and meetings, which can be an excellent opportunity to network with peers.
  • Visit co-working spaces: They often host events and workshops for their members, which can be a great way to meet other entrepreneurs and professionals. Some of our favorite Silicon Valley co-working spaces are Hacker Dojo, Mindrome, and upstairs at Red Rock Coffee.
  • Ask for referrals: Ask your colleagues, friends, or family members if they know of any networking events or groups that might be relevant to you. Word-of-mouth referrals can be a great way to find high-quality events tailored to your needs.

Preparing for an Event

Preparing for a networking event is just as important as attending it. Here are some tips to help you prepare:

Try to find out who will be attending the event beforehand. This can help you identify people you want to meet and research their backgrounds and interests.

  • speaker / panelist
  • attendee list
  • event organization / key members
  • venue
  • sponsors

Follow up with Individuals

Following up with people you meet at networking events is an essential step in building relationships and expanding your network. Here are some tips to help you follow up effectively:

  • email – mindset: act like a busy person, bottom line up front, keep it brief
  • voicemail – be prepared to leave a crisp message
  • second conversation: offer introductions; ask for introductions; written follow-up – what you learn

Social Capital Enables Social Navigation

Social capital is the value individuals or groups derive from their relationships with others. It is an essential asset for startup founders because it can help them access resources, information, and opportunities they might not otherwise be able to obtain. Social capital is built through relationships, requiring ongoing investment and cultivation to maintain and grow.

It is important to be authentic, respectful, and professional in all interactions and to invest time and effort into building meaningful relationships with others.

Reciprocity is a vital part of building social capital. By offering value and helping others, startups can build goodwill and trust, leading to new opportunities and collaborations.

Social capital is a valuable asset for startups, and building and maintaining relationships is integral to entrepreneurial success. By investing in relationships and proactively building social capital, startups can increase their chances of success and grow their businesses.

In conclusion, networking is essential for startup entrepreneurs in Silicon Valley. By attending networking events, joining a co-working space, connecting with industry groups, using LinkedIn and social media, and building relationships, you can make valuable connections that can help you grow your business. Remember to be authentic, respectful, and professional, and don’t be afraid to step out of your comfort zone and connect with new people

Appendix: Ford Harding On Networking

The best advice on networking I have read comes from Ford Harding’s book “Rain Making” in particular pages 44-59 have some very good “Rules of Thumb” for networking:

  • Networking is helping people
  • You must learn to recognize a lead for someone else when you hear it
  • Networking is a sincere effort rather than keeping score
  • Networking is a sense of urgency and obligation
  • Networking is showing gratitude
  • Networking is maintaining trust
  • Networking requires you to spend some of your time selling other firm’s products and services.
  • You must selective in who you partner with as these are a serious investment of time.
  • Motivation is critical ingredient in effective networking.

Appendix: Resources for Networking Inside a Firm

Some may be reading this who are looking for work; here are some suggestions for resources for networking inside a firm. Many of those also offer insights useful for mapping expertise networks inside larger firms that startup founders may help manage selling to the enterprise.

Here five books that offer practical tips for knowledge work and understanding how to be effective in organizations:

Here are three websites / authors focused on technical management

Networking Books and Articles

Related Blog Posts

A Postscript on Social Media

It’s a mistake to confuse “followers” on Twitter or “connections” on LinkedIn or “subscribers” to the mailing list, or “likes” and “shares” with the actual connections. All of these have value: they are necessary but not sufficient. Networking is helping others through personal communications that deliver value. This value may be in the form of specific encouragement or practical advice. It may be an introduction that enables a conversation that creates value our leads to a mutually beneficial business relationship. But I see too many taking a “merit badge” approach where they want to “collect” connections without any real thought as to how they will help–beyond how the person could help them.

A Note on this primer: This content was created for a roundtable conversation for Stanford Management Science Masters Students in September of 2017 and includes content from Working Capital: It Takes More Than Money (2020) and Working Capital: Assembling Your Team (2023).

Image Credit: Trueffelpix licensed from 123RF.

 

SKMurphy Chat Bot

 

Leave a Comment

Your email address will not be published. Required fields are marked *

Scroll to Top