How Startup Communities Can Help You Build a Successful Business

Entrepreneurship is often described as a game of luck. While execution, perseverance, and a great idea-market fit are essential ingredients for success, there’s no denying that some element of luck plays a role in the journey of a startup. Jason Roberts, a serial entrepreneur and coder, has a unique perspective on luck. He believes that entrepreneurs can increase their “surface area of luck” by taking steps to put themselves in a position to be lucky. One powerful tool for doing so is founder communities.

Founder communities are groups of like-minded entrepreneurs who come together to share knowledge, resources, and support. These communities can take many forms and formats, from social media groups to in-person meetups and even acceleration programs.

One of the most valuable aspects of founder communities is the ability to connect with other entrepreneurs who have been through similar experiences and to have spaces to learn from each other. Such spaces can provide valuable insights, advice, and connections that can help you navigate the ups and downs of entrepreneurial life. Additionally, these connections can open the door to potential business opportunities, partnerships and (not to be forgotten) lasting friendships. By expanding your network, you’re increasing your chances of getting lucky with the right opportunity, at the right time. There are similar spaces and communities around the world, from online communities like subreddits to Entrepreneurs’ Organization.

Another benefit of founder communities is the ability to tap into a larger network of resources and content. For example, if you’re looking for a co-founder, investor, or strategic partner, a peer-based founder community can be a great place to start your search. Similarly, if you’re looking for a mentor or advisor, a founder community can help you connect with experienced entrepreneurs who can provide valuable guidance. By having access to a diverse group of individuals, you’re increasing the chances of getting lucky with the right mentor, advisor or investor.

Often overlooked, a significant value that founder communities offer are the more intangible benefits, such as a sense of camaraderie and belonging. Starting a business can be a lonely and isolating experience, and having a group of like-minded individuals to lean on can be incredibly valuable and impactful.

To get the most out of a founder community, it’s important to be active and engaged. This means participating in discussions, sharing your own experiences, and offering help and support to others. It’s also important to be open to new ideas. That is why, in addition to our co-working and acceleration offerings, we are building and hosting a Co-Learning Space for Impact Entrepreneurs.

Want a taste of our founder community? Here are a few insights from our January Fireside Chat where nista.io‘s Anna Pölzl and Benjamin Mörzinger shared their experience in finding each other and sticking together as co-founders.

Read also: “The Art of Learning Together: An Invitation to Impact Entrepreneurs”

Just a few of the many take aways:

Are you looking for a co-founder? Or aren’t you?

Make sure you are clear and honest with yourself if you really want someone who will join you with their own vision, spirit and ideas and will probably change much of how you ran things so far. Or are you actually looking for a mentor, consultant or employee sales talent to bring your venture to the next level?

  Don’t make a box!

Try not to write a job description if you are looking for a co-founder. Why make a box when you are actually looking for independent, spirited and hands-on talent to walk with you to unknown places?

It’s a dance

Take time to get to know your future partner as you would do with a private relationship – you wouldn’t move in after one date either. Start working on something small together and see if you naturally align on a common purpose.

Diversity matters!

For instance in a male dominated ecosystem, a female co-founder adds not only a different lens on your venture’s pathway, but also attracts further female talent. In general the more diverse perspectives you have in your team in general, the better your product/service will be as your team will represent more segments of your customer base.

The small print

Make sure you are aligning not only on values and a general framework, but also invest time and money when it comes to crafting the shareholder agreement, including potential exit scenarios.

If you are interested in expanding your luck surface area as an impact entrepreneur, we invite you to learn from, with and for each other – online and offline! You can find more details here.

This event series is part of a joint project with SIA Austria, funded by Wirtschaftsagentur Wien.