Final yr two enterprise capital corporations, Basic Catalyst and CRV, launched a program referred to as the Velocity Community to get their startups in entrance of Fortune 500 executives in New York Metropolis. At the moment they introduced that Mayfield has joined because the third VC agency within the community.
New York is residence to monetary, insurance coverage, safety, retail, media, and different Fortune 500 firms — the very kinds of industries that younger firms want to speak to. But it surely’s a problem for an enterprise startup with a handful of consumers to get the eye of executives at prime firms.
Molly Gillis, a principal at Basic Catalyst mentioned that the businesses launched the community final yr on the behest of the startups. “The concept was catalyzed by our portfolio firm founders who expressed a powerful want for a platform that offered entry to NY-based prospects,” she mentioned. The 2 firms got here collectively to type the community as a approach to differentiate themselves from the remainder of the VC pack and supply extra worth to the enterprise firms underneath their purview.
Mayfield has an analogous program occurring in Silicon Valley referred to as the CXO Community, which provides their portfolio firms the chance to speak to native executives about their services and products. Navin Chaddha, a companion at Mayfield says they noticed becoming a member of Velocity as a method broaden the concept to offer their portfolio firms extra entry to east coast determination makers.
Since launching a yr in the past, the community has hosted a dozen month-to-month conferences in New York Metropolis, leading to over 350 face-to-face conferences between startups and enterprise execs. Conferences are designed round themes, that are constructed round comparable set of portfolio firms akin to cloud and analytics or subsequent technology retail. Every agency invitations about 5 startups to return alongside they usually invite executives to return in who share an curiosity with the theme.
Every assembly follows an analogous arc, says Gillis. It begins with a spherical desk dialogue to see what’s prime of thoughts. Then startups go into convention room to satisfy one one one with firms. There may be often a visitor speaker from one of many corporations, they usually wrap up with networking and lunch.
The choice makers get greater than lunch out of the deal although. In addition they get to remain up-to-date with rising applied sciences and speak instantly with the people who find themselves growing them. What’s extra, they get to hang around with different executives and managers from firms who’re going through an analogous set of points.
With Mayfield within the fold, the community plans to broaden to a twice month-to-month schedule this yr. It’s a number of work to place these occasions collectively, however the corporations have discovered it’s price it to get these teams collectively and assist their portfolio firms get entry they could in any other case have hassle getting on their very own.
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