If you want to go fast, go alone. If you want to go far, go with others ~This famous African proverb resonates all to well for new ventures. Networks are vital in almost every stage of the entrepreneurial process: from getting the idea, to gathering the courage to start, to organizing resources for execution. For example, for some entrepreneurs, that serendipitous moment of getting the idea is often tied to a ‘chance encounter’-‘a weak tie’ conversation in network lingo- in which their technology was all of a sudden seen through a pair of new eyes and found its market application that the entrepreneur-to-be never even thought of! Other entrepreneurs celebrate the emotional support of friends and family as a key factor of enduring the uncertainty and the emotional roller coaster that follows the entrepreneurial journey. Yet others still could not have taken the fledgling startup off the ground without a referral to the first key customer, a contact to a lawyer who in turn knew an angel investor or that old famous classmate without who turned out to be a role model to even consider an entrepreneurial career. Indeed, in order to survive and thrive, startups need to secure essential resources such as information, knowledge, human and financial capital in a quick, cheap, and timely manner. And more often than not, the solution lies in the network.

However, establishing and nurturing networks- the work of networking- is often as self-evident as it is daunting. If not given explicit attention, it can trap rather than enable an entrepreneur. If done more consciously, it canal so be time-and energy consuming, which is why some startup teams consider it as a distraction from pursuing the ‘entrepreneurial opportunity’. Yet, time and time again, we learn that networks are the bridge between the startup and the opportunity! Even Bill Gates can thank his early network - his mother’s connections on a non-for-profit board - for getting a meeting with IBM executives and sealing his first deal that let Microsoft retain rights to its software! How can entrepreneurs advance the benefits that lurk behind networks? We provide advice below from our research and work with entrepreneurs.

1.Make your network visible - be explicit about it! Research shows that an entrepreneur’s network should evolve as the venture grows, and it’s often easy to get too busy to notice what’s going on in the background. Begin by mapping out your contacts. Create a list identifying your most important contacts who provide you with information, advice, knowledge, referrals or other useful resources. Use full names, contact details and field of expertise. Then write down who introduced you to each of your contacts. It often also helps to draw the connections - what can you observe? How diverse is your network? Are the people from the same field of expertise or from different sectors? Same companies or different companies? Same city or different regions? What glues them together, and how many different ‘clusters’ or subgroups can you identify? Structure wise - is the

network dense, where everyone knows everyone else? Entrepreneurship research tells us that dense, personal networks are great in the early days when entrepreneurs need early sounding board partners and emotional support. However, if these networks don’t adapt as the venture grows, the entrepreneur could quickly face a lack of fresh and timely information, and feel trapped in potentially old and ‘high maintenance’ connections. To quote a colleague studying networks ‘instead of better glasses, your network gives you better eyes’ - but only if you’re conscious about its composition and structure.

Indeed, in order to survive and thrive, startups need to secure essential resources such as information, knowledge, human and financial capital in a quick, cheap, and timely manner.

2. Be mindful of early relationships. Building on the above analysis, it’s good to keep in mind that initial network conditions have a long-lasting, persistent influence on your position in the network and your future partnership opportunities. It's a result of path-dependency in how networks evolve and well documented in research on entrepreneurs’ as well as their ventures' relationships. Therefore, especially when considering your first contractual alliances, select your first partners strategically by analyzing what you can learn from them and to whom you can connect through them. While accessing prestigious early partners can be a pricey or complex endeavor for an entrepreneur, it's wise to also keep the long-term payoffs in mind when assessing the partnering opportunity.

3. Be aware of biases in your network. We tend to meet people we like and who are similar to us. As the saying goes: ‘birds of a feather flock together’. While this feels natural and comfortable, it's important to be mindful that on the level of decisions and opportunities, such networks can lead to a narrow vision. You can diagnose whether your network is characterized by these biases by looking at who introduced your contacts to you. Research tells us that if you have introduced yourself to your most important contacts more that 65percent of the cases, then your network is likely facing some of these biases, which can lead to diminishing returns for your startup. Aim for greater diversity in your network in order to ensure a continuous flow or innovative ideas!

4. Be aware that your network is not just a resource - it's also a prism through which others evaluate you! Beyond tangible resources, the right contacts can provide a signal of quality for an otherwise unknown entrepreneur (how many times have you heard “drop names early”?). Finding ways to connect to relevant reputable individuals and organizations in your network can open a right door at the right time. For example, for tech-entrepreneurs, working with a well-known lawyer or accountant can signal to the business community that this entrepreneurs knows 'our language too'!

5. Nurture the power of social capital within your venture, too. Research shows that one’s hierarchy in an organization is negatively related to how correctly people perceive others’ social networks. In the early days, when every employee was interviewed by you, it’s easy enough to know who should work with whom on which project and why this is helpful. As the venture scales, this becomes a more complex endeavor, and according to research, you have only slightly higher than 50percent chance of getting others’ networks right! Making a conscious effort to pay attention to the growing and evolving social capital in your venture can save it from the many perils that accompany growth – bureaucracy, restructuring, stiffness, and drying up of ideas. Indeed, if the structure of the company is its skeleton, the social network is its nervous system. Your venture’s muscles move by listening to the signals from the nerves – a skeleton can’t move on its own. Make social capital everyone’s job, and to go back to our suggestion number one – make it visible.

We acknowledged earlier that networking is work. In closing we want to highlight the mindset behind it. When thinking about networking, research shows that some instrumental networking can literally provoke individuals to feel dirty. In that sense, our final advice goes to the mindset - when you think networks, think generosity, not greed. This may not only help to avoid feelings of moral impurity - indeed, it is likely to make the experience a rewarding one. As one networking enthusiast said “networking is more about farming than hunting”. Listen to people. Understand how you can help them. Not only does helping others provide rewards in feeling content it pays off in the long run. Thus, consider your social network as one of your key resources for your startup and make it priority in your everyday routine. Every hour you invest in nourishing your network will pay out multiple times.