Photo by Jesse Marlow, source: http://www.theage.com: http://bit.ly/dzrB6y
In my position with TechColumbus, I get to network with Central Ohio's community leaders, innovative entrepreneurs and business leaders frequently. In the past year, I’ve attended over 80 events - breakfast meetings, luncheons, evening mixers - you name it and I was likely speaking, hosting or simply there to learn & network. These events led to numerous additional conversations and meetings. Not bad for a serious introvert. I love this part of my job (they pay me to work here? Cool!), as I am either meeting new people or catching up with good friends regularly. The business purpose my networking serves is integral to keeping pace with innovators in Central Ohio and helps me to identify entrepreneurs and business concepts that might benefit from TechColumbus’ technology focus and phenomenal team. I meet all kinds of people, and what I’ve observed is there are three basic types of networkers.
Networking at TechColumbus' Incubator
The first is the natural networkers - you know the type, easily navigating a room full of individuals, outgoing and conversant in nearly any subject. They attend events for a variety of reasons, and enjoy being there. If they own their own business or work like they do, they'll leave with a handful of cards, having met several new people. Naturals learn quickly during short conversations and then use that knowledge to benefit themselves and those with whom they have networked. They'll follow up seeking to cultivate the connection and/or to introduce their new contacts to people they should know; both actions nurture a new relationship. I make a point of hanging with Naturals because I learn from them through observation and because of their innate connection skills.
The second group of people are the reluctant networkers, not quite so outgoing and somewhat less conversant than their natural counterparts. They attend events more out of obligation than enjoyment. If a Reluctant practices basic networking principals, they’ll follow up with new connections just as the Naturals do. The Reluctants typically build fewer relationships at a slower pace than their natural counterparts. That said, their discussions can be as engaging as the Naturals’, and in fact the exchanges tend to "go deeper" on a first pass. Why? Because Relunctants are not Naturals; they tend to self select into more one-on-one conversations and move through a group less rapidly rather than excelling at introductions and starting conversations. The networking value of Reluctant's connections is about the same as a Natural's. I also make a point of hanging with Reluctants, making connections along the way with them.
I believe Naturals and Reluctants make up at least 98% of people at networking events, and together they make the networking world go 'round. The third group is a bit different...
The third type of person we encounter is the "NetStalker". I’m sure you know this type well, even though they are small in number. NetStalkers map out who they want to talk to and memorize a few surface details as conversation starters. They purposefully work a room, systematically checking off their to-do list at our expense. They’ll bounce between conversations talking about their interests and sometimes trying to convince us to buy or try their thing. When our eyes glaze over and we show a lack of enthusiasm to engage at this level, NetStalkers do one of two things. They either press in, continuing the "must convince" approach or they'll quickly gravitate to another person and conversation, repeating their process. The particularly persistent do both. NetStalkers know their dialogs may be short, so they exchange cards when greeting you. I usually put their cards in a back pocket, keeping them but generally not reaching out. NetStalkers will follow up quickly, adding you to their mailing lists, and sometimes hunting you down on multiple networking sites - all with the goal of turning you into a customer or worse, leveraging your contacts. A reliable mark of a NetStalker is that multiple event encounters produce identical results, and you soon want to avoid them.
What's missing from the NetStalkers efforts? Simple - a real relationship. That’s why I “back pocket” their cards. Frankly, who wants to put effort into a one sided relationship? When I'm networking, my goal is to first identify connection points and then build a real relationship. It takes time and effort to do this, on both parties' parts. There are hundreds of connection points - kids, careers, sports, hobbies, food, current events etc. and all play a role in building and maintaining relationships. I've had the great pleasure of meeting about 1,000 people in the past couple of years and have established some solid relationships, renewed old ones and gained quite a few friends. I have yet to establish a real relationship with a NetStalker beyond the status of acquaintance. This is a shame, because the NetStalkers have just as much to offer from a relationship perspective, but their social tactics limit their potential and diminish the value of our networked community as a whole.
So, which are you? Odds are, you either a Natural or a Reluctant and you’re in great shape. If you’re a NetStalker, you can improve your networking skills and reap great benefits personally and professionally. No matter which category you are in, basic networking principles apply and establishing real relationships is key to success.
Here's my 5 simple recommendations for being an effective networker:
Study the good networkers, whether a Natural or Reluctant - hang with them for multiple conversations. Watch how they engage others. Observe their body language and facial expressions. Watch how they start conversations, how they welcome additional people into a conversation circle, and how they move from person to person or from group to group without seeming disinterested or disingenuous. Learn how they handle NetStalkers as well – gracefully and with respect is the rule.
Engage in conversations to learn and to build relationships. Assume you are the novice in the room. Invest your time listening, asking questions and committing details of your conversation to memory.
Listen more than you speak. Far more.
Think proactively. Who do you know that would be a great introduction to your new connection? Make an introduction at the event or as a follow-up. Expect nothing in return; you’re simply practicing good networking.
Buy lunch. Invite a new connection to join you and continue the conversation when you follow up after the event. Use this time to make personal connections, strengthening your relationship through personal as well as professional connection points.
The blog at Incept, based in Canton, Ohio has some great pointers in "Top 10 Ways to be Conversational" that addresses telemarketers and how to have a conversation rather than coming across as a robot. Most of the principles Stephanie lists are applicable to in-person conversations as well.
I have the privilege of working with a phenomenal team of experienced entrepreneurs and business people at TechColumbus. Much of our work involves coaching and mentoring entrepreneurs, helping existing companies apply for and plan for grants, commercialize new products etc. A portion of our work entails helping companies prepare for and obtain funding. Our efforts are having an impact on the Central Ohio economy, and frankly, I'm proud of that. The article below highlights some of the funding activity in Central Ohio, and some of these companies may go on to be funded by the Ohio TechAngels and/or local/out of state ventiure capital.
This article first appeared in TechColumbus' TechWeek newsletter and can be found on our website.
Fourteen Startups Receive More than $1.5M in Funding Through TechStart Program in FY 2010 September 9, 2010
TechColumbus' offices and incubator
TechColumbus has released a recap of all funding awarded through its TechStart program for the fiscal year 2010. In total 14 Central Ohio startups received $1,540,000.00 to help accelerate their growth and achieve the next level of business development. The TechStart program is funded in part by the Ohio Third Frontier and helps to create, finance and launch new tech companies in Central Ohio.
Central Ohio healthcare and IT software companies dominated TechStart investments during the past year. Healthcare and IT software companies received a majority of total investments in fiscal 2010, a sign of the strength of those sectors in the Central Ohio economy. Other sectors in which investments were made included advanced materials, retail and consumer businesses.
In addition, 2010 saw a substantial increase in technologies available for commercialization through large, regional medical and educational institutions. Nearly half of the companies receiving investments in the past year - including Arlington Products, BioAerogel, EndoRetics, IR Diagnostyx, Nanofiber Solutions – involved technologies developed by The Ohio State University, Nationwide Children’s Hospital and OhioHealth.
“The high number of companies created from innovations in Central Ohio’s leading institutions is a testament to the collaboration and momentum taking place in the region,” said Ted Ford, president and CEO of TechColumbus. “These institutions are involved in advanced research so it’s no surprise that they are the source of such promising innovations. We look forward to continued work with them and with all of our partners in the future.”
In fiscal year 2010, 11 seed stage companies received grants from TechGenesis, which provides investments of up to $50,000 for business idea and commercialization research, as well as product prototyping. In addition, three companies received investments from the TechColumbus Pre-Seed Fund, which provides substantial funding for companies that have the potential to reach $30 million in revenue in three to seven years and address a market of at least $100 million. These companies also have the ability to attract follow-on capital.
“During the past year, many promising Central Ohio start-ups have made advances in their markets," added Ford. “Working with these companies on a daily basis, we are encouraged by their progress, which is attracting investment and creating high-wage jobs in the region.”
The Ohio Third Frontier Program and 17 local governments, institutions and companies help fund TechStart. In May 2010, the Ohio Third Frontier program was extended through 2015 via voter referendum with a 62 percent statewide approval rating.
Since its inception, TechColumbus has invested $14.8 million in 84 companies. These companies have generated $261.7 million in revenues and have created 1,013 jobs with an average salary of $65,749.
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