Networking as a Leadership Strategy to Promote Innovation and Growth in Start-Ups

• In Event: Using Big Data, Design Thinking, and Strategic Networking to Engage Stakeholders in Turbulent Environments

Short Description

Networking that builds meaningful trusted relationships is an essential skill for leaders to engage stakeholders and drive innovation. The founding CEO of a number of healthcare start-ups will share research and critical networking methodologies that support innovation, value-creation, and growth. Findings will be shared that demonstrate the extent to which networking builds credibility and provides access to market intelligence.

Detailed Abstract

Networking builds meaningful trusted relationships and serves as an essential skill for leaders, managers, and organizational teams to drive innovation. Innovation is described as the successful exploitation of ideas into new products, processes, services or business practices and is critical for achieving business performance and growth (DTI’s Innovation Report, 2003). The presentation will discuss a case study analysis of an early stage company’s efforts to utilize networking to enhance its ability to innovate.

Early stage companies face many challenges including the risk of building a sustainable business, the lack of resources and financial constraints (Carpenter & Peterson, 2002), and gaps in team skills and capabilities (Connelly et al., 2011). The presentation will review an in-depth case study analysis of the networking activity of an early stage company. The study will also examine the level of networking activity compared to evidenced-based best practices including building trusted relationships between company management and external supporters (Ahuja, 2000) as well as effective communication among network participants (Pittaway et al, 2004). The presentation will also assess key network features including network diversity (Kaufmann & Todtling, 2000, 2001; Rothwell, 1991), network management and innovation capacity (Powell et al., 1996), the strength of network participation (Brederl & Preisendorfer, 1998) as well as network density (Hoang & Antoncic, 2003).

The presentation will demonstrate how access to networks for prospective entrepreneurs is essential because they enhance resources and provide both emotional and business support (Baum et al., 2000). The findings will demonstrate the extent to which networking builds credibility and provides access to market intelligence. Early stage companies that network effectively can identify new customers and collaborative innovation projects through networking activity (Smith, Dickson, and Smith, 1991). By utilizing evidenced-based networking practices, early stage companies can also attract additional financial resources (Baum et al., 2000) and new staff (Hoang & Antoncic, 2003).

I am a serial entrepreneur and current Executive Director of a non-profit organization and has over 30 years of leadership and management experience in diverse healthcare organizations serving in clinical operations at hospitals, medical facilities, unions, private and public organizations developing and building relationships and strategic alliances with employers, corporate and governmental funders as well a primary care and specialty physician referral networks. The presentation will draw from existing research and from my experience in networking to drive innovation, value-creation, and growth.

Participant

• Dawn V. Gay, Patient Innovation Center