Community: Let it supercharge your entrepreneurial journey For entrepreneurs, community is everything. It's your hub for support, resource-sharing, and building invaluable connections.

Whether you're looking for expert advice, mentorship, or simply a place to brainstorm, being part of a vibrant network can dramatically boost your ability to overcome obstacles and accelerate your growth.

Pass-it-On Ethos

James Crummie, co-founder of Too Good To Go - an innovative company based in London that addresses food waste - also serves as a business mentor at Virgin StartUps. He recognises that starting a business can often feel isolating. By connecting with fellow founders, entrepreneurs gain the opportunity to ask those 'stupid questions' without hesitation.

"It enables you to share challenges with fellow entrepreneurs and seek an outside-in perspective on how you can address it - essentially it is like building a support network which can help you scale your business faster," he says.

For first time founders or even thinking about starting a business it can be hard to know where to start, where to get that confidence to take the leap. Highlighting the gap in knowledge sharing Crummie points out that the majority of first-time entrepreneurs are unlikely to have a network that can show them the basics from incorporating a business to raising capital.

"An ecosystem that supports entrepreneurs helps to take away many of these obstacles so that businesses can thrive and be a source of positive impact," he says.

In these communities and ecosystems, there's a strong culture of sharing and passing on knowledge or resources.

"Being a founder of a purpose driven business I have always seen people within various ecosystems wanting to help - they have understood my vision for Too Good To Go and have wanted to support in various ways. As a result, I am always eager to give back to a community that has given me so much."

Leveraging ecosystem support

In the competitive world of startups, community and networking are vital lifelines.

"It is well-known that most startups (70%) fail within their first five years of operations - due to a myriad of competitive, capital, and production barriers encountered as they cross the Valley of Death," says Lauren Pilgreen, Head of Startup Innovation at London based Sustainable Ventures, that invests in and supports sustainable start-ups.

"However, our average 84% survival rate is well above the industry average due to our community and networking that underpins our ecosystem model for climate technologies."

A recent survey reveals that access to formal acceleration programs and expanding personal networks are game-changers in overcoming growth and financial barriers.

The Sustainable Ventures community enabled DAME and Batch.Works to create the world's first 3D-printed free-vend tampon dispenser from recycled strawberry punnets, showcasing the power of collaborative innovation.

"This collaboration is one example of how, when provided with the right support system and infrastructure, startups can help each other achieve the coveted snowball effect," says Pilgreen.

Likewise Dr. Anas Nader, CEO of Patchwork Health, another London based compnay, found the NHS Clinical Entrepreneur Programme pivotal in launching their health tech startup.

It provided essential knowledge and skills in navigating the NHS landscape, securing funding, and scaling operations. This support enabled Patchwork to grow to over 100 employees, partner with 56 NHS organisations, and raise £27m in funding.

"The CEP community and its expertise have been instrumental in our growth," says Dr. Nader. "Access to broader healthtech and entrepreneurial insights has been pivotal, enabling us to navigate complexities and avoid potential hurdles," he says.

Holistic support system:
A strong community can be a game-changer, offering the support and connections that make all the difference.

Alex Depledge MBE, CEO of Resi, an architectural London based tech start-up, illustrates the transformative power of community through her involvement with Foundrs, a network of tech founders that has become indispensable to her business life, and emphasises the vital role of this 450-strong private tech founders' group.

"Outside my co-founder this community is the most important relationship I have in business", she says.

Describing real-life community events as "dimensional shifting," Depledge cites the messaging platform they use as the most important part of the group. Whether it's support around her child having Attention Deficit Hyperactivity Disorder (ADHD) or finding a great employment lawyer, the platform provides quick and effective solutions.

"It operates on a 100% pay it forward mentality and it is free, so it's a safe place where you can be vulnerable," she adds.

Tapping into collective intelligence:
Sara Daw, co-founder of The CFO Centre, a Swindon based company which provides flexible Chief Financial Officer (CFO) services globally, has seen firsthand the benefits of community.

By cultivating a global network of dedicated CFOs, her company has not only distinguished itself but also fueled its impressive growth. The businesses they partner with and the CFOs in the network gain unparalleled access to collective intelligence, harnessing the power of collaboration and shared knowledge.

"Indeed, the resulting entrepreneurial community gains insights, powerful introductions, and contacts not only from the CFO community but their clients, suppliers, partners, and wider networks", she says.

Communities empower entrepreneurs by providing confidence, diverse perspectives, innovative ideas, and strong mutual support. Daw credits this community nurturing with creating a snowball effect of growth and success.

"It will multiply reach, presence, knowhow, and resources to bring even further growth and give access to markets and networks otherwise unavailable."

Networks: accelerating growth and connections. Want in?

Sidebar: Insights from James Griffiths, Building Success with Community
James Griffiths, co-founder of Mous, an Ipswich based tech accessories company, illustrates key lessons in entrepreneurship and community support. Mous has grown to serve over 1.8 million customers globally and was valued at £65 million in early 2023.

Griffiths began his entrepreneurial journey at age 15. He emphasises the benefits of starting young, noting that fewer personal and financial obligations make early ventures more feasible. Reflecting on his experience, Griffiths states, "I now have a 10-month-old baby and while I have a supportive family, I wouldn't want to put them through the startup phase now or take on £2 million of debt like I did back then. My advice? Start as early as possible!"

A significant factor in the entrepreneurs success was finding the right co-founder, Josh Shires, a skilled engineer. This partnership, combined with support from Virgin StartUp—where they attended a workshop and secured a loan—was crucial. Griffiths notes, "Finding my co-founder gave me the confidence to give it a shot. Community support transformed our idea into a successful business."

Griffiths underscores the importance of self-motivation in entrepreneurship. While community support is valuable, personal drive is essential for navigating the challenges of business ownership. As Griffiths puts it, "If you need external motivation to keep going, starting a business might not be for you."