Building a startup takes a lot of time and work. You not only need to create a great product, but also hire, raise money, spend it, and do it all in a way that minimizes mistakes and maximizes profits.
There is also a ton of advice on how to run a business. Events are one of those sources of knowledge, especially those aimed at founders. It is intended to help entrepreneurs on their journey with topics such as panel discussions led by successful founders, investors talking about what they want to see, or happy hours to establish contacts.
But all of these events take time away from the real task of building the company, and understandably not everyone is convinced they're a good use of time.
A few months ago, Alexis Ohanian, former co-founder of Reddit and current VC at Seven Seven Six, tweeted that if I could go back in time and do something different when I was building Reddit, I would have spent a lot less time attending events.
“I wasted *so much* time going to things that ended up just being opportunities for people to talk about how they were “crushing” or “killing” him,” he tweeted. “Sure, you can find a good connection, but for the most part you have the same conversations over and over again…”
Many people agreed with Ohanian, but there was a lot of discussion about the nuances of the events and their various benefits and drawbacks. Many people also disagreed with him. But it's an intriguing topic, so we decided to gather from 52 founders whether they wish they'd spent less, more, or the same amount of time at founder-focused events.
It turns out that there is no real consensus. Of those surveyed, 19% said they would attend more events if they could, 28% plan to attend the same amount as now, and 26% said they would attend fewer. The remaining 27% did not actually answer the question, but provided some insights into how they think about such events.
We detected a common theme in the responses of founders who wanted to attend more events: they like events because they help them build a network.
“The benefit of these events is to really build relationships, which can lead to potential collaborations, partnerships, or even investors showing interest in your company,” said Yifat Baror, co-founder and chief growth officer at Osa Commerce. “A strong network is very useful when creating a startup. Any warm introduction and advice from people who have “been there” and “done that” can really change the path to success.”
Mang-Git Ng, founder and CEO of Anvil Foundry, said he wishes he could have attended more events sooner. He built his company during the pandemic, which made it much more difficult to connect with other founders and learn more about his journey.
However, several founders noted that not all events are created equal. Founders don't have unlimited time, so if they decide to attend events, they need to be picky about which ones they attend.
Aaron DeBevoise, founder and CEO of Spotter, believes that both the benefits and the costs should be considered. “I have had incredibly positive experiences at these events, especially meeting and networking with other well-connected and like-minded entrepreneurs. However, I also realized that this comes at a cost in terms of sacrificing critical time that could be better spent developing the business. It is a personal balance that must be achieved.”
Many other founders had similar feelings. Gökçe Güven, co-founder and CEO of Kalder, said that attending many of these events early on was instrumental in the growth of her loyalty platform startup. But now that she's further along in the trip, she's a little more selective about which ones she attends.
“The value that comes from meeting other leaders is priceless; learning new ideas and strategies, establishing connections that will be beneficial for years to come, and raising awareness of your brand is crucial,” Güven said. “However, when you are pulled in too many directions, it can be difficult to devote your time and attention to the many conferences and events taking place.”
Ben Hoffman, founder of House Numbers, said he would attend the same number of events as he does now because he runs a company that works remotely, so it's nice to interact with people in person. Still, he noted that nothing makes him feel more guilty than attending an event that ends up being a waste of time.
And if we look at the number of people who had opinions similar to Hoffman's, it seems that good events are great, but most events are disappointing.
Cris Grossman, founder and CEO of Beekeeper, noted that founders also have to think about how much time they spend with potential clients, their investors and their teams, all of which also takes them away from building, but is still more important than attending to events.
“Time is a founder's most precious resource. “You shouldn’t waste 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 getting 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 seems like the right way to do it is to attend enough events, avoid wasting time, and still find out which opportunities will pay dividends. However, how can a founder achieve that delicate balance?
