Establishing, building and nurturing a strong network is important. Your trusted connections can help you launch and evaluate business deals, and act as a valuable sounding board for new opportunities.

Connecting with and championing other women can also break long-held barriers.

“I think women are realizing that if we want more parity and power, we also need to organize ourselves and create places to connect, whether official or unofficial,” Candace Nelson said. “And the onus is on us because these spaces are not being built for us.” 

So how do you create strong networks in investment and entrepreneurial spaces, while also building mutually beneficial and genuine relationships?

Focus on how you can help

Networking can sometimes feel very transactional. One way to shed this perception is to think of it as an opportunity to share knowledge.

“We all have separate networks,” Jessica Farron said of her investing collective, “but we leverage our networks for diligence specifically.”

With a background in apparel, Jessica will review those types of opportunities, even if she’s not interested in them, and pull her entire apparel network to look at a particular deal. Her partners will return the favor if she’s looking at an opportunity in a field they’re experts in.

Exchanging expertise in a way that feels fair and balanced will not only help you lift up women, you’ll build valuable connections and lifelong friendships in the process.

Turn networking into a learning opportunity.

Reaching out to investors and entrepreneurs who work in your industry or share your interests can expand your knowledge base and give you helpful perspective on projects.

But it’s a good idea to seek out strong experts from diverse fields and backgrounds, too. You’ll gain exposure to industries you might previously have not been in touch with and build a circle of women who complement your own strengths and weaknesses, said Jessica. Her investing collective is made up of women from different industries for this reason.

Talk it out.

Use your network as a safe space to be vulnerable and a sounding board to share your ideas and business plans. Come to each conversation with a clear goal in mind and take advantage of hashing things out with peers and those with more experience than you. Their constructive feedback and advice can help you fine-tune your approach, potentially connect with other stakeholders and push your vision forward.

“We literally talk every day,” said Jessica. “We talk through deals that each of us have, the trends we are seeing and do calls with founders. We’re very direct about whether we think a deal is good or not. Not to make someone feel bad but we want to share information so that everyone is going in eyes wide open.”

Money doesn’t need to be a taboo.

Talking about money and investment deals can feel a bit awkward, but Candace thinks women should push past those feelings.  

“Ask the people in your circle about what deals they are working on, and how you can help and amplify them,” she said.

She encourages women to inquire about the financial aspects of new business opportunities, such as profits, fundraising strategies and the cap table. Ask questions if there’s something you don’t understand. Even missed opportunities can provide valuable lessons.

“I look at investment losses as the price I pay to have a seat at the table and interact with incredibly innovative and intelligent founders and be at the forefront of new brands and new technologies,” said Candace.

Build lasting friendships.

One of the most valuable long-term benefits of networking is the likelihood of making friendships.

When you begin to view these connections as relationships, where each person wants the best for the other – not unlike a friendship – you’ll deepen your bonds and strengthen not only your work life, but your personal life as well.

Read more insights from our In the Lead event.