A recent write-up in a popular daily drew parallels between networking events for VCs/Start-ups and speed dating. According to the author, like it happens in speed dating, the two parties meet, spend some time with each other and if they like what they see, a relationship is forged. But is that analogy really a true depiction of what such networking events are all about?
Let’s begin with the organizers’ point of view. For them, it is an initiative where they bring in venture capitalists and budding entrepreneurs on one platform so as to do their bit in building the eco-system for entrepreneurship. Their Vision – Build awareness, evolve an eco-system and help connect saplings with the Been-There-Done-Thats. India is seeing some momentum in this space, with events like the TiE-ISB Connect (http://www.tie-isbconnect.com), Proto (http://www.proto.in) and Venture Intelligence Connects (http://ventureintelligence.in/events.htm).
For venture capitalists, such events are like buffets where the display of new technology or innovative ideas, stir up their appetite for investment. They need not scout far and wide for probable partnerships, as the organizers would have done the ground work of screening and filtering the business plans. They, on their part, get to promote entrepreneurship in their own way.
And then come the entrepreneurs. Such events need not be a race for – Who bags the biggest cheque at the end of the day. There are other benefits that accrue as well. They get mentored, get a chance to learn from others’ experiences and even get to meet other entrepreneurs/professionals who could become their partners. What’s more? They even get to learn how to master the warm call. But does it also translate into a deal being signed at the end of the day? Not always.
Deals, in fact, are a wrong measuring glass being used to determine such events’ success or failure. Therefore, it does not come as a surprise when the media decides to give coverage depending on last year’s “successes” and the organizers try to oversell their “performance” during the year’s curtain raisers. Entrepreneurs, on their part, participate in such events assuming that things will click at the first impression. After all, that’s how speed dating works as well. But such events are more than speed dating. To take this analogy a step further, these are actually just platforms for introductory meet with potential partner.
Dating, knowing each other and forging a relationship would take time and patience.
