Over the past few pandemic years, we have done our best to forge community and connection in a virtual world. Throughout my career as a founder (and now as a venture investor and founder of Inspired Capital), I believe deep peer relationships are essential—not only to success, but for personal survival.
The importance of these connections was on display at our recent NYC Summit, where 1,500 founders and investors gathered in the same space. The room was buzzing with energy and the feedback was resounding: You cannot replicate the power of these in-person bonds. The tech community was alive, well, and happily in-person.
Growing up, we innately learn the value of peer relationships through our classmates. We all went to school every day in a carefully curated cohort of classmates who were exactly the same age. We built friendships, we learned from each other, and we understood who we were and where we fit in.
Now as a parent, the same cohort concept holds: We naturally find people with similar-aged children to compare notes and sleep-saving solutions (if you are a parent, you know what I mean). But, when you become a founder, it can actually feel quite isolating. When the buck stops with you for so many major things, where do you go for that intimate cohort support (if you’re not going into a batched YCombinator class in exchange for equity)?
As I was building LearnVest, the peer friendships that I fostered played a critical role in the journey. I would say they were a key ingredient to our finding any success at all. Getting value out of peer relationships starts with putting yourself out there.
Why, specifically, do these relationships matter so much? Because they really let you know where you stand and can potentially bail you out in a critical situation. Here are the four biggest wins you can achieve from building your peer network.
Benchmark your pacing
Whether you are building a business or a team, it’s hard to measure your progress and understand how you should be tracking. Speaking regularly to people in a similar role gives you a view into where you’re keeping pace and where you might need to turn up the urgency. While everyone is running their own race, noting where your peers are can encourage you to turn your goals up a notch.
Unlock instant resources
When you’re triaging multiple problems and answering a million questions each day, trusted referrals are a key shortcut. Your peers are the perfect source for recommendations, so don’t reinvent the wheel. Need a lawyer to consult on a tough challenge? Your best business contact probably has one on speed dial.
I cannot count the number of times a fellow founder sent along a referral that saved me tons of heavy lifting and solved a burning problem. Most notably, I made a major C-suite hire on the referral of a fellow founder who passed on the candidate for their team, but knew they were exactly the person I’d been searching for.
Compare notes on industry intel
The most mutually beneficial peer relationships are with those in the same sector. When I was working in fintech, we could share insights on which conferences to attend or which new B2B platforms were worth investing in.
Gain an empathetic ear
Maybe someone on your team quit or gave you tough feedback. It is invaluable to have someone you can pick up the phone and call who truly “gets it.” Your peers are critical for your toughest days, and they’re also first in line to celebrate with you on your wins.
It is so easy to get caught up in the day to day of our roles. You will always have an endless to-do list to tackle and the next fire to put out. But do not underestimate the importance of picking your head up to find your two or three go-to people. Perhaps you find them in a networking group like Chief (which we invested in at Inspired) or through grassroots efforts such as asking for introductions to second-degree connections and going to networking events.
When you do meet people, don’t be afraid to be vulnerable. I promise it will pay dividends.
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