Collaborate, Don’t Compete

My journey as an entrepreneur has taught me just how transformative networking and collaboration can be in achieving success. Like many women starting in business, I didn't belong to the inner circle of MBA graduates who had formal business training and established networks in finance. I poured my heart into building Under Canvas with the resources I had, but as the business grew, I realized I needed to secure investors. Yet even when I found potential leads, I often faced a barrage of rejections.?

Then a chance meeting with another female entrepreneur at an awards ceremony opened up new possibilities. Ruzwana Bashir hir, CEO and co-founder of Peek.com, had just secured $25 million in funding for her travel business and shared her insights in a keynote speech. Afterward, I introduced myself to her, and she generously offered to connect me with her network of investors. This kindness turned the rejections I'd been facing into promising "let's meet" conversations.?

My journey isn't unique; many female entrepreneurs navigate this challenging path of finding and taking a seat at the table of business. So, how do we empower ourselves and others to expand our networks, achieve success through collaboration, and create more room at the table?

Expanding the Table of Business: Networking and Collaboration

Courage is needed to claim your seat at the table. Female business owners, in particular, often grapple with imposter syndrome, the inner voice that questions our worthiness to be there. It's crucial to quiet those doubts and recognize that every voice, especially those of women from diverse backgrounds, is essential. When women take their place at the table, we enrich the shaping of our cultures and influence the variety of products and services that come to market. A diverse pool of founders is needed to address the world's challenges and build a world that serves everyone. The growth of companies has a profound impact on society, and women are not only capable but essential to creating impactful change in our world.

Taking your seat at the table is just the beginning; once you're there, it's important to create room for others to join. By sharing our own entrepreneurial journey, we can inspire courage and envision those who come after us. Opening up about our experiences, challenges, and victories can guide the way for others walking similar paths. Additionally, we can expand the table by serving as a networking bridge for others. Just as Ruzwana Bashir introduced me to her network of investors, transforming my journey, we can extend a hand to those earlier in their entrepreneurial path. By welcoming others and paving the way, we build a more inclusive and dynamic table. There's no need for competition here; instead, we recognize the collective impact we can create together for a better world.

Collaboration is also about pooling resources and expertise. Two businesses might share marketing efforts, leading to cost savings. As the African proverb goes, "If you want to go fast, go alone. If you want to go far, go together." Female entrepreneurs, with their innate ability to nurture relationships, can redefine the entrepreneurial narrative by emphasizing collective growth over individual gain. They could co-host events or webinars, doubling the exposure without doubling the cost. The shared knowledge can also lead to improved business strategies, offering insights that one might not have encountered alone.

Research indicates that female venture capitalists are more likely to invest in female-led startups. Therefore, increasing the number of women in the VC domain can directly enhance funding opportunities for women entrepreneurs. Networking, mentorship, and shared experiences, especially in developing regions, can make significant strides in overcoming these systemic challenges.

To drive this change, there's a clear need to address biases, ensure inclusivity, and actively encourage more women in investment roles. After all, as McKinsey Global Institute forecasts, promoting equality could add a staggering $12 trillion to the global economy by 2025. It's a clear indication: investing in women is both morally commendable and economically astute.

I hope you feel empowered to take your place at the table of finance and business with confidence. Your voice and perspective matter and are crucial for creating meaningful change. Let’s also make room at the table for others, and embrace collaboration, not competition, as the key to success. Remember, the strength of our collective impact lies in the connections we foster and the opportunities we create for each other.?

If you're interested in diving deeper into my journey and the valuable lessons I've gained along the way, as well as getting actionable insights to guide you in your entrepreneurial path, consider pre-ordering my book. This book was crafted with you in mind, and my greatest wish is for it to be a supportive guide on your own journey. You can preorder your copy of Thinking Bigger here.