If you’re a startup looking for inspiration, resources, and partnerships – networking events are a great place to start. South Africa’s startup scene is a thriving hub of innovation and creativity, and networking events provide an ideal platform for entrepreneurs to meet and collaborate.
But as with any venture, there are pros and cons to attending networking events in South Africa’s startup scene. In this article, we’ll explore the potential benefits and challenges of attending networking events in South Africa, so you can make an informed decision about the value of attending such events.
The Professional and Social Benefits
Attending networking events can yield a range of professional and social benefits. It’s an opportunity to meet like-minded entrepreneurs, build relationships with potential partners and customers, and gain access to new resources and industry trends.
The 2017 State of Networking Report by Eventbrite found that 77% of in-person networking events resulted in new business partnerships. 71% of people felt they had gained new knowledge from attending an in-person networking event, and 40% of attendees found mentors or collaborators.
For small business owners, networking events provide the chance to rub shoulders with potential investors, industry experts, and other professionals. It’s a chance to practice your elevator pitch, showcase your products and services, and get feedback from people in the know.
The Benefits of Networking Events for Small Businesses
Small businesses benefit from attending networking events in a number of ways. According to John Rampton, founder of Due, attending networking events is an invaluable opportunity to:
• Get inspired by the stories of others
• Receive honest feedback and advice
• Establish relationships with potential partners and customers
• Learn about the latest trends in the industry
• Network with other professionals
• Showcase your products and services
The Potential Benefits of Networking Events for StartUps
For startups, attending networking events can be an invaluable opportunity to meet potential partners and investors, learn about the industry, and make valuable contacts. According to the 2017 State of Networking Report by Eventbrite, 84% of people attending in-person networking events felt their presence had increased their visibility.
Attending networking events can also help startups gain a better understanding of their target audience, as well as the competitive landscape. According to Forbes Coaches Council, it’s an opportunity to “observe the behavior of potential customers and partners, ask questions, and gain insight into what might be missing from your product or service offering.”
The Financial Challenges of Attending Networking Events
Attending networking events can be a costly investment, with little return. According to the 2017 State of Networking Report by Eventbrite, only 11% of people felt they had achieved their networking goals.
The cost of attending networking events can include registration fees, travel costs, accommodation, and other expenses. For small businesses and startups, these expenses can add up quickly and take away from valuable resources.
The Time Challenges of Attending Networking Events
Attending networking events can also be a time-consuming task. According to Business News Daily, it’s important to “plan ahead and prioritize your time at the event”.
It’s also important to be mindful of how you spend your time. It’s important to “focus on making quality connections, rather than just handing out business cards”. If you’re attending a networking event, it’s important to “start engaging in conversations with people and build relationships”.
The Logistical Challenges of Attending Networking Events
Attending networking events can also be a logistical challenge. According to Eventbrite, “it can be difficult to get to the event if you don’t have reliable transportation and it can be hard to find the right people to talk to”.
It’s important to plan ahead and make sure you have all the necessary information about the event and the people you’re meeting. It’s also important to be prepared and “bring the right materials, such as business cards, to make sure you’re making a good impression”.
A Balancing Act: Is Attending Networking Events a Valuable Investment or Not?
Attending networking events can be a valuable investment of time and money, but it can also be a costly and time-consuming venture with no guarantee of success. While it’s an opportunity to build relationships, gain access to new contacts and resources, and learn about the industry, it can also be intimidating and logistically challenging.
Ultimately, the decision to attend networking events will depend on your goals, resources, and personal preferences. If you’re looking to make meaningful connections, build relationships, and learn more about the industry, attending networking events in South Africa’s startup scene could be a valuable investment.
At Oneo, we provide entrepreneurs with an online platform to connect and collaborate with like-minded professionals. So if you’re looking to connect with potential partners and customers without the hassle of attending networking events, why not give us a try? It’s free to join and you can start networking today.
