How can you build a deal sourcing network in a new location?

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As a venture capitalist, you know that finding and evaluating high-potential startups is crucial for your success. But how can you do that when you are new to a location, whether it is a city, a country, or a region? In this article, we will share some tips on how to build a deal sourcing network in a new location, based on our experience and best practices.

本文章的要点总结

Provide value first:

Offering introductions or deals to others in your new network can position you as a key player. It's like planting seeds that grow into reciprocal relationships, helping your network to thrive organically.
Develop unique sources:

Go beyond the usual networking hubs by engaging with players within your industry's value chain. This approach can lead to exclusive opportunities and set you apart in a new location.

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1 Understand the ecosystem

The first step is to understand the local startup ecosystem, its strengths, weaknesses, opportunities, and challenges. You can do this by researching online, reading reports, blogs, newsletters, and podcasts, and following influential players on social media. You can also attend events, webinars, and workshops, and join online communities and platforms related to your industry and stage of interest. This will help you get a sense of the trends, gaps, needs, and players in the market, and identify potential sources of deal flow.

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2 Connect with local partners

The second step is to connect with local partners who can help you access and filter deal flow. These can be accelerators, incubators, angel networks, co-working spaces, universities, research institutes, or other organizations that support or work with startups. You can reach out to them via email, LinkedIn, or referrals, and offer to share your expertise, feedback, or network. You can also ask them for introductions to relevant startups, founders, or investors, or invite them to co-host or co-sponsor events, webinars, or competitions. This will help you build trust, credibility, and visibility in the ecosystem, and create win-win relationships.

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Anurag Rastogi

CEO | Board Member | General Manager | HBS | IIT Delhi | Specialist in Scaling up Businesses | Endowment Funds Specialist
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There is nothing more valuable in deal sourcing than proprietary sources. While the usual suspects for the purposes of developing a network are: accelerators, incubators, educational institutions, startup lawyers, CAs, other VC firms, angel networks, etc., but these rarely yield proprietary deal flow. The secret (no longer though) is to relook at your investment thesis and sectors in focus and start working with the value chain players of the sector to develop fresh and proprietary networks. While it is easy for a founder to do this intuitively, but VCs need to put in an effort in networking within the focus industries and more so in a new location.

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3 Engage with founders and investors

The third step is to engage with founders and investors who can provide you with insights, referrals, or recommendations. You can do this by meeting them in person or online, depending on the situation, and asking them open-ended questions about their challenges, goals, needs, and interests. You can also offer to help them with advice, feedback, or connections, and follow up with them regularly. You can also join or create online groups, forums, or newsletters where you can share your insights, opinions, or opportunities, and invite feedback or questions. This will help you establish rapport, reputation, and relevance in the ecosystem, and generate word-of-mouth.

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Adi Prakash

Americas Professional Services Head of Cross-Industry Strategy & Advisory | Early Stage Venture / Angel Investor | Board Member | Forbes Council Member | Startup Co-Founder | Former CXO
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To establish a deal sourcing network in a new region, embed yourself within the startup ecosystem by engaging with local events and startup hubs. Connect with incubators, universities, and professional service firms for leads. Strengthen your online presence to attract startups, and recruit local experts for on-the-ground insights. Collaborate with existing investors for shared opportunities. By combining these approaches, you can create a diverse and robust pipeline for deal sourcing

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4 Track and measure your activities

The fourth step is to track and measure your activities and results. You can do this by using tools like CRM, spreadsheets, or dashboards, and setting goals and metrics for your deal sourcing efforts. You can also review your progress and performance periodically, and adjust your strategy and tactics accordingly. You can also ask for feedback from your partners, founders, and investors, and learn from your successes and failures. This will help you optimize your efficiency, effectiveness, and impact in the ecosystem, and improve your deal sourcing skills.

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5 Nurture and grow your network

The fifth step is to nurture and grow your network over time. You can do this by staying in touch with your contacts, providing value, support, or recognition, and asking for referrals or testimonials. You can also expand your network by attending or hosting more events, webinars, or workshops, and joining or creating more online communities or platforms. You can also leverage your network to access or create more opportunities, such as co-investments, syndications, or exits. This will help you maintain and enhance your relationships, reputation, and reach in the ecosystem, and increase your deal flow quantity and quality.

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Jonny Boyarsky

Former and Current Founder Who Helps Startups with Almost Everything
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The first thing you need to do is provide value however you can. If there's a good founder that's raising, make an intro. If there's a good investor you want to get to know, find them a good deal. This will allow you to be seen as a value add and people will want to go out of their way to help. Additionally, make sure to create an audience through LinkedIn, X, or a newsletter. You need to make sure people are listening to what you're saying.

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6 Experiment and learn

The sixth step is to experiment and learn from your experience and feedback. You can do this by trying new methods, channels, or tools for deal sourcing, and testing their effectiveness and efficiency. You can also learn from other venture capitalists, mentors, or experts who have successfully built deal sourcing networks in new locations, and adopt or adapt their best practices. You can also share your learnings and challenges with your peers, partners, or community, and seek advice or support. This will help you innovate, adapt, and grow as a venture capitalist, and build a sustainable and scalable deal sourcing network in a new location.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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How can you build a deal sourcing network in a new location?

1

2

3

4

5

6

7

1 Understand the ecosystem

2 Connect with local partners

3 Engage with founders and investors

4 Track and measure your activities

5 Nurture and grow your network

6 Experiment and learn

7 Here’s what else to consider

Venture Capital

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How can you build a deal sourcing network in a new location?

1

2

3

4

5

6

7

1 Understand the ecosystem

2 Connect with local partners

3 Engage with founders and investors

4 Track and measure your activities

5 Nurture and grow your network

6 Experiment and learn

7 Here’s what else to consider

Venture Capital

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