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Networking for Entrepreneurs - Entrepreneurship 101

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What is the networking strategy for your business? Is your networking objective business development, investor relations or market research? Which networking tactics will help you find investors, customers and partners, or validate ideas? How much of your precious time and money should you commit to networking at trade shows, business groups, hackathons, pub nights and on social media? What are realistic benchmarks for a successful networking experience?

This lecture focuses on building and leveraging a network of mutually beneficial relationships applicable to any technology-based business. Get tips for breaking the ice, making good impressions and getting introductions to the people you need on your side.

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Networking for Entrepreneurs - Entrepreneurship 101

  1. 1. Networking for Entrepreneurs MaRS Entrepreneurship 101 January 21, 2015 Presented by: Andrew Yoshioka President, Sanbonki Inc. www.sanbonki.com @ay_sanbonki_inc
  2. 2. How can networking mitigate these from happening to your venture? 2Wednesday January 21, 2015 Entrepreneurship 101 - Networking http://fortune.com/2014/09/25/why- startups-fail-according-to-their-founders/ https://www.cbinsights.com/blog/startup- failure-post-mortem/
  3. 3. Why do other people go to networking events? • Business development • Investment/Investor relations • Corporate development • Validate ideas/Market research • Find partners/co-founders • Find a job • RELATIONSHIPS • Deliberately came to hear your sales pitch!! .. Wednesday January 21, 2015 MaRS Entrepreneurship 101 - Networking 3
  4. 4. 4 Steps to Network Like A Pro • Remember that networking is a two-way street • Understand the business of those in your network • Prioritize your network • Don’t burn bridges www.inc.com/rhett-power/4-steps-to-networking-like-a- pro.html?cid=sf01001 http://www.marche-restaurants.com Wednesday January 21, 2015 MaRS Entrepreneurship 101 - Networking 4
  5. 5. Avoid these three mistakes • Misunderstanding there is a pecking order • Asking to receive before you give • Failing to specifically state your value proposition https://hbr.org/2014/02/three-mistakes-to-avoid-when- networking/?utm_campaign=Socialflow&utm_source=Socialflow&utm_ medium=Tweet http://www.marche-restaurants.com Wednesday January 21, 2015 MaRS Entrepreneurship 101 - Networking 5
  6. 6. • Bluetooth Low Energy • Low-power sensor hub • Pattern-matching accelerator • 6-axis accelerometer/gyro • Open source software http://www.wired.co.uk/news/archive/2015-01/07/intel-curie-quark-chip http://www.theverge.com/2015/1/6/7505423/ces-2015-intel-curie-module-wearables • “Intel's Curie Module lets anyone build wearables the size of a button” • “…gets you pretty far along towards a product” How are you describing the product? Features vs. Benefits Intel CES 2015Intel CES 2015 Wednesday January 21, 2015 MaRS Entrepreneurship 101 - Networking 6
  7. 7. Get a social bank account – and make deposits! • Asking for an introduction • What will they say about your company? • How will you get them to describe it the way you would want it described? http://www.inc.com/adam-fridman/why-p2p-marketing-is-the-key- to-everything.html?cid=sf01001 http://www.marche-restaurants.com http://www.meetup.com/medtech/photos/ Wednesday January 21, 2015 MaRS Entrepreneurship 101 - Networking 7
  8. 8. Expanding your relationships • Create your network from scratch • Volunteer • Talk to strangers • Search out potential collaborations • Reach out before an event http://www.entrepreneur.com/article/229440 Master Your 'Mingle- Ability': 5 Creative Ways to Network Wednesday January 21, 2015 MaRS Entrepreneurship 101 - Networking 8
  9. 9. Corporate development • Ask others about their story, LISTEN!!! Warm them up to you • Build your network before you need it • Follow-up, every time http://www.entrepreneur.com/article/239123 Build a Network That Will Be There When You Need It With These 3 Tips http://www.meetup.com/medtech/photos/ Wednesday January 21, 2015 MaRS Entrepreneurship 101 - Networking 9
  10. 10. Effort allocation/opportunity cost • Networking at trade shows • Business groups (B.o.T., meetup) • Hackathons/Startup events • Speed Networking • Pub nights • Social media What are your Benchmarks of Success for these tactics? http://convention.bio.org/ Wednesday January 21, 2015 MaRS Entrepreneurship 101 - Networking 10
  11. 11. Social media connections 11Wednesday January 21, 2015 MaRS Entrepreneurship 101 - Networking • Social media platform etiquette: Twitter vs F/B vs Linked In • Conversations are a gateway opportunity • Keep in touch • Reach beyond the screen – Familiar elevator pitch – Open to any opportunity – Be yourself – Go out and introduce yourself http://www.entrepreneur.com/article/240721 A Startup's Guide to Professional NetworkingYahoo!, President & CEO
  12. 12. Follow your plan/metrics Sanbonki Inc. metrics: • JAN2012 Peel RIC, LSO volunteer, 80 connections • JAN2013 Two collaborations, 180 connections, most business via long time connections • JAN2014 – DEC2014 90% of repeat business from new customer segments since 2012, 4-5x sales2012, 628 connections Wednesday January 21, 2015 MaRS Entrepreneurship 101 - Networking 12
  13. 13. Wednesday January 21, 2015 MaRS Entrepreneurship 101 - Networking 13 http://www.inc.com/christina-desmarais/7-networking-tips-for- introverts-extroverts-and-the-socially-awkward.html
  14. 14. Compiling a network (example) [L-R] Nadia (CCRM & BTA volunteer), Anne-Claire (Wyatt & BTA volunteer), Stefano (Axela), Nathalie (Six Degrees/OBI & LSO volunteer), Rene (Weston Brain Fdn), German (Regxia) Wednesday January 21, 2015 MaRS Entrepreneurship 101 - Networking 14
  15. 15. How can networking mitigate these from happening to your venture? 15Wednesday January 21, 2015 Entrepreneurship 101 - Networking http://fortune.com/2014/09/25/why- startups-fail-according-to-their-founders/ https://www.cbinsights.com/blog/startup- failure-post-mortem/
  16. 16. Networking for Entrepreneurs MaRS Entrepreneurship 101 January 21, 2015 Presented by: Andrew Yoshioka President, Sanbonki Inc. www.sanbonki.com @ay_sanbonki_inc QUESTIONS?
  17. 17. Five-minute blogs to read http://www.inc.com/diane-gottsman/10-tips-for-your-next- networking-event.html http://wwwbusinessgrowthstrategies.ca/2148/networking-waste- time/ http://www.inc.com/peter-economy/10-habits-of-remarkably- powerful-networkers.html?cid=em01014week52c http://www.inc.com/rhett-power/brighten-your-season-with-these-6- holiday-networking-tips.html http://www.inc.com/kelsey-libert/5-networking-tips-extroverts-can- learn-from-introverts.html?cid=sf01001 http://m.fastcompany.com/3038750/strong-female-lead/the-secrets- to-successful-networking-from-the-most-connected-women Wednesday January 21, 2015 MaRS Entrepreneurship 101 - Networking 17
  18. 18. http://money.howstuffworks.com/business/professional- development/10-networking-tips-people-hate-networking.htm http://www.entrepreneur.com/article/239476 Stop Leaving Networking to Chance http://www.entrepreneur.com/article/239340 The 10 Most Important Steps to Becoming a Master Networker http://blog.tdsbusiness.com/tips-advice/4-simple-ways-to-motivate- your-network-to-give-you-customer-referrals/ http://www.entrepreneur.com/article/239307 Don't Let These 5 Excuses Stop You From Networking http://www.entrepreneur.com/article/237961 The Power of Building Offline Connections in a Digital World Wednesday January 21, 2015 MaRS Entrepreneurship 101 - Networking 18 Five-minute blogs to read
  19. 19. http://www.entrepreneur.com/article/238257 5 Tips for Authentic Networking in a Co-Working Space http://www.entrepreneur.com/article/228151 How to Get More Out of the Time You Already Spend Networking http://www.entrepreneur.com/article/233549 An Expert's Guide to Steering a Conversation http://www.entrepreneur.com/article/233808 Strategic Networking and How to Make the Most of Your Evenings … and a 53-page review by Rotman and Harvard professors: http://hbswk.hbs.edu/item/7528.html The Contaminating Effects of Building Instrumental Ties: How Networking Can Make Us Feel Dirty Wednesday January 21, 2015 MaRS Entrepreneurship 101 - Networking 19 Five-minute blogs to read

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