Startup Community: the Culture of Payback
Last week, I received a call from a California entrepreneur letting me know he'd referred a large piece of work to me. Why? Because 4 years ago, when he was starting out, I spent a few hours with him discussing various issues unique to his business model, trading notes on possible investors, and providing a few forms for him to use. Ultimately, he decided to move the business to San Jose, where it has since prospered. Good for him, but not so good for future business from me. But, I figured, that's part of business development - you win some, you relocate some.
Still, this entrepreneur stayed in touch, calling me every few months to let me know how he was doing and in each case ending the call with a thanks for the time I had spent with him. He made a point of letting me know that he had valued my time and effort. When he called last week, he let me know that he was glad he was finally able to return the favour.
What's important here? Think of what I did: provided feedback, information and some documents. I didn't invest. I don't think I even paid for coffee. But this founder understands the importance of the thank you. It's sacrosanct with him.
This is a trait shared by many entrepreneurs in the valley that I’ve met, and I think it has to be a key driver of the startup support system that thrives there. In my case, I know I’ll always make time for this entrepreneur when he calls, because somewhere down the road, it will help my own business.
A complaint I continually hear from Canadian entrepreneurs is that there few professionals will find time for them, or help them without a retainer, etc., etc. I hope that’s not the case. But so many more could be drawn to the table if, in my view, we cultivated more of the culture of payback.
Still, this entrepreneur stayed in touch, calling me every few months to let me know how he was doing and in each case ending the call with a thanks for the time I had spent with him. He made a point of letting me know that he had valued my time and effort. When he called last week, he let me know that he was glad he was finally able to return the favour.
What's important here? Think of what I did: provided feedback, information and some documents. I didn't invest. I don't think I even paid for coffee. But this founder understands the importance of the thank you. It's sacrosanct with him.
This is a trait shared by many entrepreneurs in the valley that I’ve met, and I think it has to be a key driver of the startup support system that thrives there. In my case, I know I’ll always make time for this entrepreneur when he calls, because somewhere down the road, it will help my own business.
A complaint I continually hear from Canadian entrepreneurs is that there few professionals will find time for them, or help them without a retainer, etc., etc. I hope that’s not the case. But so many more could be drawn to the table if, in my view, we cultivated more of the culture of payback.
posted by Suzanne Dingwall Williams at
7:43 AM
1 Comments:
It's true Suzie.
I can say that, in my experience, you've given your time to me to help me discuss things and give advice when I needed it most. The chance to pay you back for your kindness motivates me -- I can't wait for the chance.
My own experience in Canada is that there are so many great people that are willing to sit with you and chat with you but very few of them have deep experience. People here in Canada are more generous with their time, in my opinion. But unlike the Valley, there are not a lot of people here who have actually seen more than one term sheet in their life, for example.
That's why kind, experienced people like yourself are gold.
Do I feel indebted to you? Certainly. Will I be able to pay you back one day? According to my business plan, budget has already been allocated to that task for Q3 of 2010.
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