There was a time when the lone-genius business founder was revered – the Howard Hughes type who operated in secret, acting only on intuition. That time has passed and now instead of looking within ourselves to find inspiration, entrepreneurs are looking outward and coming together to support each other, collaborate, test and exchange ideas.
At a Guardian Business Made Simple panel discussion in Edinburgh last month, I debated with other entrepreneurs whether incubators (which support startups at the early stages) or accelerators (which aim to drive the growth of companies with a business model in place) are the holy grail for startups. What we all agreed on, was that being part of any programme can never be an end in itself, and should only ever be viewed as an instrument for building a successful company.
If you want to build a successful business, the best option in my view is working together with a network of your peers, or what I call “clustering”. There are many benefits of joining these clusters. You meet likeminded people who are as driven as you. You can find (friendly) rivalries, possible co-founders, partners, advisers, investors and employees much more easily than you could if you were building your company in isolation.
The incubator I work at was founded on this clustering concept. Being part of an incubator is a great way to build a network. Other options include enrolling on an accelerator programme if you’re sure that it is worth selling equity to; or joining a supportive co-working space.
Forming a network also allows you to stay on top of the most recent business thinking and gives you people to bounce ideas off and compare notes with. A good community of peers can help protect you from bad advisers, which is crucial if you are a fledgling startup. It is more difficult for bad behaviour to thrive –…