Version française/French version: LINK
This article underscores the importance of a relational network for entrepreneurs, highlighting that « who you know » is sometimes as crucial as « what you know. » It’s important to clearly define the goals and targets for the development of an innovative project, and then nurture and expand your existing network. The concept of « partial transitivity of trust » is presented as a simple means to expand the network based on existing contacts. Alumni associations, startup incubators, and accelerators can all contribute to enriching your professional network, with trust remaining a central element in the development of interpersonal relationships.
E. Krieger
A young media entrepreneur once recounted a conversation with a producer from the West Coast of the United States. As he was justifying the relevance of his analysis, she retorted, « Here, it is not about what you know but about who you know. » The media sector indeed thrives on relationships, and « who you know » is often more important than « what you know. » However, this sentiment holds true for most sectors that involve dealing with a handful of strategic industrial, commercial, and financial partners.
Clearly defining targets and objectives
First and foremost, it’s important to define your objectives for the development of an innovative project: gathering information, influencing, anticipating, learning, selling, securing financing, etc. Following this, maintaining your existing network should come before expanding it in all directions. Once objectives are clearly defined and your existing network is mapped out, access to other contacts will be significantly facilitated. Your personal and professional network can relay your requests for connections if they are formulated clearly and the available information about you is consistent and appealing.
During research on funding for young innovative companies, I highlighted self-fulfilling phenomena where trust spreads within innovation networks. Conversely, an entrepreneur’s reputation and the trust often associated with it can also vanish quickly.
Partial transitivity of trust
The simplest way to expand your network is to do so organically based on your personal and professional connections, following a logic of « partial transitivity of trust, » where friends of friends are presumed to be friends.
An entrepreneur aiming to expand their relational network would benefit from partnering with complementary individuals who are anything but clones. This applies to your associates as well as your advisors and potential members of a strategic committee, all of whom can open numerous doors for you.
Events organized by specialized associations of alumni from prominent schools and universities are often excellent means of expanding your networks. Having studied at the same institution fosters strong bonds and encourages the sharing of contact lists among peers.
Startup incubators and accelerators: Network hubs
In a related context, the support of an incubator or startup accelerator presents a fantastic opportunity to enrich your network. For instance, entrepreneurs selected by the HEC Paris incubator are not only located at Station F, Europe’s leading startup ecosystem, but also benefit from numerous opportunities to connect with experts, investors, service providers, and technical or commercial partners… not to mention informal exchanges with fellow incubated startups. Sharing experiences and « good plans » is one of the added values of an incubator, where mutual assistance is key.
In conclusion, when discussing the development of one’s relational network, trust is always at the core, serving as the invisible foundation of human interactions.
