What to look for in a startup community

Without question, being an entrepreneur can feel really lonely. Yesterday I was talking with a prospective client about a project and he expressed to me that, even though he has a co-founder, he still feels like he is working alone. That can feel especially true during the period of self-isolation that we are all experiencing. That is why as an entrepreneur it is important that you find a startup community to tap into.

Today I want to share with you some of the key features that make a startup community worth joining. Many of my thoughts have been reinforced by a book that I am reading called “Startup Communities” by Brad Feld.

A Startup Community Has…

Plenty of participation

The whole point of a startup community is to have lots of other entrepreneurs to interact and exchange ideas with. When you are looking for a startup community to join be sure to look for one that is healthy and vibrant. While small, intimate settings can be helpful you are more likely to benefit from a community that has a large, diverse and very active group of people.

A community led by entrepreneurs

This is a point that Brad Feld makes in his book. At first I had a slight aversion to the idea. But as I think about it more I tend to agree.

One of the places where my hometown seems to be falling down is that our community is mostly lead by professionals who support entrepreneurs but aren’t really entrepreneurs themselves.

In order to get the most out of a startup community you want it to be lead by people who live and breath entrepreneurship.

Publicly-funded organizations that understand their role

Yet another point that Brad Feld made and, again, one that my hometown is guilty of.

It is wonderful when a startup community has plenty of involvement from a variety of organizations that support entrepreneurship. Particularly those that are funded public dollars. That shows that the public supports the initiative.

The challenge comes when those organization, such as government-sponsored agencies, try to control the narrative rather than support the narrative.

Access to capital, sort of

Access to capital is important for a community to thrive. But that capital doesn’t have to come from local resources. More and more angel investors and venture capital firms are looking for deals from across the U.S. Not just within their geographic area.

Of course, it would be great if your community has plenty of investors that choose to fund local startups. Just don’t fall into the trap of thinking that a community cannot exist without local sources of capital.

Commitment

If your community is going to succeed in supporting and growing startup companies it must commit. I mean fully commit. It can’t succeed by dipping its toe in the water to test the temperature.

In the queue

Next up I will be talking about kicking off a series called “Aha! Moments” where I share some of the biggest lessons I have learned in my 10+ years as an entrepreneur.