Building a Business Networking Community — Early lessons from “IITpreneur BizNet meetups”
I took a break from my software consulting business to focus on running the assembly election campaign for AAP in MP. I wanted to experience the full political “monty” — from data analytics, IT applications, campaign theme, strategy, candidate and field canvassing at a state election level and hopefully make an impact on a state which has been a bottom-three on all development indices for almost 70 years.
When I came back from the election campaign in December 2018, I was trying to find “stuff” to do. I could re-build the business or move into consulting or even considered taking up a “job” (#honestpolitics is an expensive proposition !). I had investments in few startups but they were doing ok without me. I wanted to do something to help others and use my learning from the grass-root political campaign management to business environments.
I found one such opportunity within a group of IITians from NCR region. I had been added to a WhatsApp group of pan-IIT folks across Delhi, Noida, Gurgaon and many of them were entrepreneurs looking to network better. They had “social” monthly meetups where a few folks attended, there was some chit-chat about each other, the business but folks mostly stayed within their “known” circles. I had attended one such “meetup” and felt that it did not add deep networking value to anyone looking for help on his / her business.
So, I co-opted the convener of the “social” meetup and called for a business meetup of folks looking for deeper inter-personal connects that could help them in their businesses. The goal was to meet each other and get to know one another in a quiet, relaxed, business focused environment and build trust relationships and networks. I had also participated in some BNI events and found their referral system of use. So I wrapped around a layer of ask and give on top of the basic meet and greet. My friends at MakeMyTrip (MMT) were happy to offer their conference room and hospitality for our meetup and so we setup the first meetup of IIT entrepreneurs.
Nearly 25 people attended, 5 from the same IIT-K batch! Many of them were at early stage startups, some from late stage corporate careers and others in mid-sized tech, finance or consulting businesses. Nearly all of them needed help in professional networking and were ready to help fellow IITians with introductions / business referrals and recommendations and get similar help from other folks in the room. We had a very productive 2.5 hours and agreed to meet monthly and take this initiative forward.
I setup a separate whatsapp group of these attendees and called it the “IITpreneur BizNet Meetup”. This was to be your business oriented social network. A place that you could use to “sell thru’ rather than “sell to”. A group of folks who could find a contact, make an introduction and move your business along. And yes, also share experiences, give advice and be your “go-to” place if you needed guidance.
To kickstart some engagement, I met with many of the attendees offline during the next 2–3 weeks and started posting updates of the meetings and the business purpose behind the meetings to the group. Soon, other folks started doing the same. By the next meeting, nearly half of the attendees had spent one-on-one time with two-three members and learnt more about them, their businesses, opportunities and challenges.
At the 2nd meetup, we introduced a “best networker” of the month award and a late fees for those showing up late. The idea was to motivate folks to network outside of the meetup platform as well. We celebrated news of introductions made, contacts shared, help extended and reiterated the power of a trust network to positively impact your business. We also asked 2 members to make brief formal presentations on their business and seek help wherever they needed. Other members could raise their hands and sign up to help the presenter.
By the third month, the cross-member engagements had reached respectable DAS/MAS (daily average share/monthly average share) levels. At the 3rd meetup nearly 90% folks had met with at least 2 other members for a business purpose and nearly 30% folks had met with 4 or more members over the course of the month. These meetings were now delivering real business impact — “revenue” growth. The late-fee imposed at the 2nd meetup (I remembered Sunny Gavaskar talking about a fun late-fee in the Indian dressing room in his first book and used that idea) made folks come on time and proudly claim exemption from the late fees — the fun element was high.
The IITpreneur BizNet community is now 35+ strong. Though many more folks want to join, we have decided to only add folks who attend a meeting. Physical time spent in a formal, yet friendly environment is building bonds that will motivate folks to help you if they can. Your ability to get is also based on your ability go give. A key takeaway is that many IIT founders are not good at social networking and this platform helps them hugely as they feel at home within the IITian community and can freely express their concerns, ideas and resources. Spending time at each other’s offices is helping them appreciate the nuances of their businesses in depth and their offers to help are strategic. One big inspiring anecdote for me was a group of IIT-K/85 classmates met to understand each other’s business formally for the first time due to our meetup platform! Our meetups have positive vibes, energy, laughter and nearly everyone gets charged up at the end of the 2 hours they commit.
I have a good feeling about this sort of community creation. It can help founders and entrepreneurs elsewhere as well. Its often said that “its lonely at the top”. What better way to fix the loneliness than building a trust network of similar founder/entrepreneurs who will help your business with trusted contacts, introductions and referrals. I will be happy to help other folks who want to start similar community building efforts at their own locations — let a thousand BizNets bloom.
A huge thanks and shout out to Deep Kalra, CEO @ MMT and Ravi, for their solid support in helping this take off.. couldn’t have done it without you!
Arvind
ps — personally, I have also gained from this community creation. I was invited to consult by a few folks but more importantly it gave me calmness inside and 35 new friends. At my age, that is priceless!
