Successful Networking: A No-Nonsense Guide to Establishing Contacts and Building Relationships in the Bioscience Arena

Networking can be dangerous business. There is the potential for business card-related paper cuts and for that all-important person you have been waiting to speak with all night to notice the pesky piece of spinach lodged between your two front teeth. Dangerous as it may be, networking is an indispensable, life-long skill that is important to master. Although it is not taught in school, it is often the most important yet intangible aspect of accessing the hidden job market, catalyzing strategic business alliances, and sourcing funding for your biotech startup. Up to half of new positions in the pharmaceutical industry are secured through networking, with up to 70% of positions at the executive level being filled in this manner. It only follows that an extensive address book in the industry is often a prerequisite for those at the executive level. In business you are only as good as the people you know. A survey among senior biopharmaceutical executives revealed that the first key step in building strategic alliances, namely partner identification, is driven in 50% of cases by personal networking1. No matter what stage you are at in your career or what your intended goal may be, basic networking techniques remain the same, with some approaches working better than others.

The obvious first step involves putting yourself in venues that facilitate in-person networking. Start by attending Lab To Wall Street’s quarterly molecular mixers. Regular attendees at these informal networking events for the NY, NJ, and CT life sciences community include C-level executives, venture capitalists, technology transfer professionals, attorneys, and journalists. Local conferences hosted by NYBA, LILSI, and the NYAS are another excellent option. Be sure to attend the social functions and not just the presentations at meetings. “This is where much, if not most, networking occurs”, says Ron Cohen, President and CEO of Acorda Therapeutics. If you are located in upstate NY, Rensselaer’s Lally School of Management holds monthly seminars through their Biotechnology Management & Entrepreneurship Series. If the cost of registration for one of these events is an issue, consider volunteering, as this may be a way to get your foot in the door at a discount rate. Take this a step further and aid in the organization of a speaking event by helping to schedule the speakers. This is a great way to establish an initial connection with someone. Although the thought of more study may be less than appealing to those just finishing a PhD, the benefits of training programs in biotechnology-related disciplines, such as the Fundamentals of the Biosciences Industry Program through the Center for Biotechnology, include making new contacts and getting an inside track on meeting managers, especially for those looking to change careers. Networking in a classroom environment has advantages over networking at a conference. Not only is it more relaxed environment, people have the opportunity to get to know each other over the course of a few days or weeks, rather than meeting perhaps only once for a few minutes.

Courses also allow one to stay current with the relevant industry issues and trends, especially if you are interested in transitioning into a new area. A successful networking conversation has substance, therefore, one must be prepared to intelligently discuss topics and ask thoughtful questions. The more you know about a particular field the more sophisticated your conversations will become. A free subscription to Fierce Biotech’s daily newsletter will keep you abreast on the industry news. Before going to an event, such as a conference, where you know who will be presenting, do some research on the people you might be interested in talking to. Something you find in common with that person, such as a school you both attended, or a unique insight you have on an issue facing that person or their company would make for a higher-quality initial conversation. If you are trying to identify a potential partner for your company, research the pipelines of the companies that will be attending the event and anticipate what companies would benefit from partnering with you. Additionally, if you don’t have a company business card to bring, print up “calling cards” with your name and email, if nothing else. Do not bring resumes or flyers to distribute.

Prepared to converse intelligently, with enough business cards in hand, you arrive at the event. If you don’t know other guests, walk around the room without talking to anyone and observe the dynamics. Welcome the opportunity to strike up a conversation with someone else that is alone, like you. Otherwise, avoid disturbing small groups and consider joining a large group. Open by simply introducing yourself and asking them what firm they are with, which is blunt but will crack almost any ice. If you are uncomfortable networking, admit that sometimes these functions are awkward for you and ask for tips on how he/she goes about getting to know someone. The beginning of the conversation should be casual, avoiding the immediate discussion of business or careers. Later bring the conversation around to business by asking about the other person’s business. Avoid talking extensively about what you do. If they ask about your work, be reasonably brief and look for clues to continue (hint: if their eyes start to wander or glaze over this is not a clue to continue). The best way to get a business card is to give one. It is appropriate to offer your business card the first time you discuss your work or profession. If you meet someone with whom you want to discuss business in detail, ask them if you could give them a call sometime next week. Don’t be too aggressive in trying to make a contact. Networking events are more social, not pure business. If you do have a unique insight on a challenge facing that person or their company, be respectful and tactful when providing your opinion, especially if the topic is potentially controversial. Tread very carefully around topics such as religion or politics, as even the best conversation on such topics may taint your professional image. Never make disparaging remarks about a mutual acquaintance or anyone, for that matter. If you must express a negative opinion, do so only when you are certain the other person shares your view.

“Remember that when you are meeting a person for the first time, it is like an interview”, states Matthew Wotiz, Associate Director of U.S. Licensing and Business Development at Lundbeck. You are always being sized up, no matter how informal the setting may be. Do not hog one person’s time by being needy and preventing others from accessing that person. It is preferable to try and draw others into the conversation rather than box them out. Being inattentive when others are talking to you is a common error. A good listener is sincere, makes eye contact, provides responsive gestures, and asks good follow-up questions. If you meet someone that you feel has no potential to help you, don’t be quick to judge and exit the conversation. One never knows where the next promising lead may come from. More importantly, though, while networking you should not be asking yourself what you can get from this person but rather how you can benefit this person. Lastly, if you think about the people that made the most positive impressions on you at an event, more often than not, they were confident, brought a smile to your face, and made you laugh.

A successful network, just as any successful friendship, takes time to build and nurture. The biggest mistake anyone makes is to simply go around asking for a job instead of establishing relationships and asking for advice. Telemarketing yourself and making demands, especially during the first meeting, will not work. Take an indirect approach, such as stating your goals and asking for tips or referrals. The best way to open any door is by being recommended to someone by a trusted friend or associate. Networking takes practice and the more time you devote to it the sharper your skills will become and the larger and more effective a network you will build.

After an event, an aggressive but polite follow up is critical. When trying to get a busy person’s attention and have your request prioritized over other issues of similar weight, send a short email with a clear and simple request that is easy to reply to. For example, when sending a note to an investor with a biotech business plan attached, the entrepreneur should end the note by asking if the investor is still considering biotech deals rather than asking for an opinion on the business plan. Mention that you will follow up in a few days, and if you don’t hear back, do not go over the busy person’s head. If you can’t get a response try accessing the busy person by communicating with subordinates, without complaining that the boss is unreachable. Always treat subordinates with respect, as they are gatekeepers. When you receive a reply, if it seems like a rejection, the most appropriate response is to acknowledge the rejection without providing additional unsolicited information. There is a fine line between being persistent and annoying. While you want to remain on the person’s radar, you do not want to badger them.

You must keep in contact with the members of your network regularly by sending emails, making phone calls, or sending holiday cards, even after you’ve landed a new job or met your goal. Many contacts will become invested in your search and will want updates on your progress. Networking is a two way street and the quid pro quo is important. The flow of information must go both ways for networking to be successful. Always offer to help your contacts or supply needed information whenever possible and never keep score of who did what. If you continue to give it will eventually come back to you. You may feel as if you have nothing to offer your contacts but this is not the case. You are providing information if you see an article you think someone might be interested in and pass it along. Knowing someone requires more than just remembering his or her name and face. Well-networked people have the discipline use a database to record not only contact information but also details about the person, such as their children’s names and ages, and the circumstances of the meeting. In future conversations, remembering such information “helps to establish rapport between you and your contacts”, says Cohen. Then find opportunities to interact with the same people on multiple occasions. A network must be traced and retraced or else it disappears. Lastly, if a stranger goes out of their way to help you, follow up with thank-you note, which will create a lasting impression.

Networking should not be viewed as a cynical tactic for manipulating your way to success or as a means to an end. You should be concentrating on trying to make a connection with someone, regardless of his or her title. It is not about the volume of people you meet. You have achieved something in an evening if you make two or three solid connections. Considering how vast business world is and how little expertise any one person is capable of amassing, one’s worth can be approximated by the quality of one’s network. Forming complex companies requires knowledge, stamina, and capital in excess of what any one individual can offer and people who know how to leverage networks are more likely to succeed than individualists. Networking is getting to know someone well enough to spot opportunities for collaboration when they arise. You have to know about the other person’s skills and needs. Remember that most people really enjoy talking about themselves, so relax and enjoy the conversation. With a little experience, virtually everyone can take pleasure in the process.

1 KPMG Peat Marwick. 1993. Corporate Alliances: Strategies in Biotechnology.