Building a startup takes a lot of time and work. You need to not only build a great product, but you also need to hire, raise money, spend that money, and do it all in a way that will minimize mistakes and maximize profits.
There’s oceans of advice, too, on how to run a business. Events are one such source of knowledge, especially those aimed at founders. They intend to help entrepreneurs along their journey with stuff like panel discussions led by successful founders, investors talking about what they want to see, or networking happy hours.
But all of these events take time away from the actual task of building a company, and understandably, not everyone is convinced they are a good use of time.
A few months ago, Alexis Ohanian, the former co-founder of Reddit and current VC at Seven Seven Six, tweeted that if he could go back in time and do one thing differently when he was building Reddit, he would have spent significantly less time attending events.
“I wasted *so* much time going to things that ended up were just opportunities for people to talk about how they were ‘crushing it’ or ‘killing it,'” he tweeted. “Sure, you *may* meet a good connection, but for the most part you’re having the same convos over and over and over . . .”
A lot of people agreed with Ohanian, but there was a significant amount of discussion on the nuances of events and their various benefits and drawbacks. A lot of people disagreed with him, too. But it’s an intriguing topic, so we decided to ask 52 founders if they wish they had spent less, more or the same amount of time at founder-focused events.
Turns out, there isn’t a real consensus. Of those surveyed, 19% said they would attend more events if they could, 28% plan to attend the same amount as they do now, and 26% said they would attend fewer. The remaining 27% didn’t really answer the question but did provide some insights into how they think about such events.
We spotted a common theme in the responses from founders who wanted to attend more events: They like events because they help you build a network.
“The benefit of these events is really building relationships, which can lead to potential collaborations, partnerships, or even investors showing interest in your company,” said Yifat Baror, the co-founder and chief growth officer at Osa Commerce. “A strong network is very helpful when you’re building a startup. Any warm intro and advice from people who have ‘been there’ and ‘done that’ can really change your path to success.”
Mang-Git Ng, the founder and CEO of Anvil Foundry, said that he wished he had been able to attend more events earlier. He built his company during the pandemic, which made it significantly harder to connect with other founders and learn more about their journeys.
Several founders, however, noted that not all events are equal. Founders don’t have unlimited time, so if they choose to attend events, they should be picky about which ones they go to.
Aaron DeBevoise, the founder and CEO of Spotter, feels one should consider both the upsides and costs. “I’ve had incredibly positive experiences at these events, especially meeting and networking with other well-connected and like-minded entrepreneurs. However, I also realized these come at a cost in terms of sacrificing critical time that could be better spent building the business. It is a personal balance to strike,” he said.
Many other founders had similar sentiments. Gökçe Güven, the co-founder and CEO of Kalder, said that attending a lot of these events early on was critical to the growth of her loyalty platform startup. But now that she is further along in the journey, she is a bit more selective about which ones she attends.
“The value derived from meeting fellow leaders is unparalleled; learning new ideas and strategies, making connections that are beneficial for years to come, and getting your brand name out there is crucial,” Güven said. “However, when you’re pulled in many directions, it can be hard to devote your time and attention to the many conferences and events taking place.”
Ben Hoffman, the founder of House Numbers, said that he would attend the same number of events as he does now because he runs a remote-first company, so it is nice to engage with people in person. Still, he noted that nothing makes him guiltier than attending an event that ends up being a waste of time.
And going by the number of people who had similar takes as Hoffman’s, it appears that good events are great, but the majority of events are lousy.
Cris Grossman, the founder and CEO of Beekeeper, pointed out that founders also have to think about how much time they spend with potential customers, their investors and their teams — all of which also takes them away from building but is still more important than attending events.
“Time is a founder’s most precious resource. Don’t waste it networking with other founders who have little or nothing to do with your business,” Grossman said. “My advice to early-stage founders: Focus as much time as you can on landing your first customers and establishing product-market fit. While fellow founders can offer valuable relationships, advice and mentorship, don’t let yourself be distracted by networking events that have little or nothing to do with those top priorities.”
So it appears the correct way to go about this is to attend enough events, avoid wasting time, and still figure out which opportunities will pay dividends. How is a founder to strike that delicate balance, though?
We’ll tackle that next week.