Every startup begins with a great idea. Ask the founders of a lot of young companies, and they’ll tell you theirs is the product that will change the industry and lead the market on its next logical leap forward.
New businesses must meet potential investors and raise funds to take an offering from development to fruition and beyond. Then, the right hires must be implemented, operations must be built out, and structure must be established to ensure the company continues to scale.
Sounds like a lot of work for a single person right? This is why it is important for startups to stick together and help one another climb that success ladder.
When a startup is newly established, the entrepreneur’s focus, besides perfecting his/her business model, is to certify his/her startup’s trustworthiness early on in the career because others in the same position will start looking at him/her for advice and connections.
Once rapports and connections are built, startup leaders should pick each other’s brains for survival hacks. If one company has an elegant, effective solution for a common challenge, passing it on benefits other companies immensely; in turn, trust is formed and bonds grow even stronger.
Lending a hand to a fresh startup can lead to partnership or investment opportunities down the line. Think of it as the “know somebody who knows somebody” principle. Being generous with your insight to a struggling startup today might be reciprocated with a crucial contact down the line.
With all that said, one question remains to be asked. How will you build those bridges with fellow startups?
In general, the startup ecosystem is stronger when everyone involved collaborates on all matters. The more that startups contribute to the startup environment, the more support and opportunities grow.
Lead by Example
A great way to connect is through mentorship. An Endeavor Insights survey reports that 33 percent of startup founders with successful mentors experience success themselves.
Mentoring can take several forms such as growing existing networks, sharing stories, and participating at accelerators or incubators. Startups that excelled during their investor pitches can help new companies prepare for their own meetings with investors.
Share your Knowledge
Panels and events are great ways to get the word out on your company while connecting with those you wouldn’t normally link up with. Find showcases and conferences in both your industry and geographic area that will give your company a chance to brainstorm, gain exposure, network, and share experiences.
Have a Strong Online Presence
Blogging and thought leadership are ways a startup can get its name out and distinguish itself as an industry trailblazer. Other startups in need might come across a post on your company’s blog that helps them and then decide to get in touch. Publish high-quality thought leadership to strengthen your brand and attract potential collaborators.