The ability to network is an important skill set for startups. In fact, Forbes relayed the results of a survey, which revealed that networking is still the best way to land a job. Besides employment, it also helps people get service providers for their business, find mentors who can help them in the industry, and even generate resources.
However, venture capitalist and entrepreneur Rich Stormback revealed to Harvard Business Review that 99 percent of networking is actually a waste of time. His controversial statement relies on the fact that a lot of people waste their time and effort attending networking events that don’t bear fruit. Instead, his advice is to focus on what is essential. Otherwise, they won’t get anything out of their efforts.