How do you build a diverse network?

1 Why diversity matters

Diversity is not just about numbers, but about value. A diverse network can offer a myriad of benefits, such as exposing you to new opportunities and access to diverse talent. You can learn about emerging trends, potential customers, and untapped niches that you might otherwise miss. Additionally, broadening your network can widen your pool of candidates for your portfolio companies, your team, or your co-investors. Furthermore, by demonstrating your commitment to diversity, you can also improve your image and credibility in the industry and among your stakeholders. This can attract more diverse founders, partners, and investors who share your values and vision.

2 How to find diverse contacts

The first step to building a diverse network is to identify and reach out to potential contacts who can enrich your network. To do this, you should attend diverse events, such as those catered to women, people of color, LGBTQ+, or social impact entrepreneurs. Additionally, you can seek referrals from your existing contacts and diversify your sources of information. When attending events or requesting referrals, be respectful, curious, and open-minded. Avoid being pushy or transactional when asking for referrals and make sure to follow up with gratitude and feedback. You can also use tools like Crunchbase, AngelList, or LinkedIn to find and follow diverse founders, investors, or organizations. By exploring different sources of information such as podcasts, blogs, newsletters, or books, you can gain different perspectives.

3 How to build diverse relationships

Once you have found some diverse contacts, the next step is to build trust and rapport with them. To do this, it's important to listen actively and show genuine interest in what they have to say. Ask open-ended questions that encourage them to share more, and try to understand their context, challenges, and goals. Additionally, share your stories, insights, and opinions authentically, while being mindful of your tone and language. Acknowledge your gaps, biases, and mistakes, and be open to feedback. Furthermore, look for ways to help them achieve their objectives by offering advice, resources, connections or opportunities. Be generous and consistent in your support without expecting anything in return. Lastly, respect their preferences, needs, and boundaries.

4 How to maintain diverse connections

The final step to building a diverse network is to keep in touch and nurture your connections over time. This requires intention, effort, and respect. To do this, you should follow up regularly with different channels such as email, phone, or social media. Show appreciation and recognition for their accomplishments by congratulating them, endorsing them, or recommending them. Additionally, engage in their communities by joining and participating in the groups, platforms, or events they are involved in. Introduce them to other people in your network who share their interests or goals and facilitate mutual learning and collaboration. By following these tips, you can expand your network beyond your usual circles and foster meaningful relationships with people from different backgrounds, perspectives, and experiences. A diverse network can help you access untapped markets, discover innovative ideas, and challenge your own assumptions; ultimately making you a better venture capitalist.

5 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?