You're navigating the startup ecosystem. How can you cultivate lasting relationships with key stakeholders?

Early on in my career, I had an AMAZING mentor that taught me something important. I was having trouble with a colleague. That colleague wasn't incredibly easy to get along with, and I obviously wasn't being the best business partner I could have been. My mentor told me to find that person's "YES." Everyone has key things that make them tick (that help them achieve their goals and objectives). For sure you have to identify the key stakeholders, but once you have done that, make sure you are helping those stakeholders achieve their yes. Get everyone to their YES, and things will work out just fine.

Building lasting relationships starts with identifying key stakeholders in your startup's ecosystem. Understand their needs and interests, and engage by offering value—whether insights, solutions, or updates. Each interaction is an opportunity to reinforce their importance to your startup's success.

To both identify stakeholders (#1) and provide value (#5) it's important to invest in understanding who's who in the specific startup ecosystem zoo. I've frequently undertaken landscape reviews or ecosystem mapping exercises as this helps you appreciate and acknowledge those who are already there when you meet them (and have better more informed engagements), as well as sharpening your USP and being able to be confident of the niche and value you bring to the ecosystem. You are undermining your own interests if you don't do your basic due diligence / homework.

Cultivating lasting relationships with key stakeholders in a startup ecosystem involves consistent, transparent communication and understanding their needs. Actively listen and engage to build trust and rapport, offering genuine support to help them succeed. Regularly update them on progress and challenges to keep them informed. Demonstrate reliability by following through on commitments. Foster a collaborative environment where their input is valued. Personalize interactions to align their goals with the startup’s vision. Maintain open communication, respond to feedback, and create mutually beneficial opportunities to nurture strong, enduring relationships.

To cultivate lasting relationships with key stakeholders in the startup ecosystem, start by understanding their needs and goals to tailor your interactions. Provide value through insights, resources, or connections, and maintain regular, authentic communication. Show appreciation for their support and collaborate on projects when possible. Attend industry events to network in person and seek feedback to improve your approach. Be patient and persistent, as building strong relationships takes time. Additionally, use social media to engage and share relevant content. By focusing on these practices, you can build and sustain meaningful connections with stakeholders.

Some ways to build that genuine engagement are to like and comment on articles they write, posts they make on social, or introduce them to people you personally know that can give value to them. It’s all about giving value. If you can give free value to people you are trying to build relationships with, then they may buy something from you down the road.

I've ran open Office Hours since 2016; I put at least a couple of hours aside and use Calendly to offer 25 minute slots to whoever want to book them. Sometimes people I know will book a long overdue catch-up; often it's a complete stranger who wants to brainstorm a startup problem. It's a great way to increase your network and help folks out.

Trust is essential for scaling and building a business. People have to trust you to buy from you. So how do you build trust if you have no one that can vouch for you? Through honesty, communication, and integrity. You can offer to do something for someone for free and then do it really well to build trust.

Use a framework for building relationships like “SCALE’. Trust is more than just telling the truth it’s about building a relationship across five key areas. Scale- You understand their status, in their company and between one another. Certainty - You need to create certainty to reduce the stress new relationships create. Autonomy- Are you allowing them to keep autonomy and giving them choices. Likeness- Are you behaving like them. This is key for them to feel safe with you. Equity- Are you both asking one another for equal valued items.

Nothing builds trust like the Techstars mantra #givefirst. Help people without it being transactional. Offer support to whoever needs it - and if you can't help, offer to introduce them to somebody who can. Be honest about your abilities and your limitations, and people will trust both your skills and your values.

Understanding what stakeholders find valuable and delivering it consistently can lead to significant long-term engagement. the key to achieving this is first gaining the trust of stakeholders. Once you have their trust, it's essential to genuinely enjoy the work you do. This passion translates into being seen as a valuable asset, ultimately making you the first choice for any job or project. By consistently providing value, you position yourself as the first choice for key opportunities with your stakeholders.

It's not always easy to be a social butterfly, so another way to nurture connections to is run open Office Hours - no screening, no agenda, just a calendar link (or similar) in your email footer and your socials for people to keep in touch and check-in.

I just posted an infographic on this but continuously learning is key. It’s key to becoming a top performer in your job, building a successful business, or just having great relationships in general in life. The best way to learn is from failing and getting feedback from others. Taking someone’s feedback and implementing it is a great way to build trust with that person as well.