Networking Dynamics in the West Valley - A Chamber of Commerce Review

Executive Summary:

The Chamber of Commerce has comprehensively reviewed networking organizations within the West Valley. The findings indicate that a rich tapestry of networking groups is instrumental in augmenting business success and fostering regional economic development.

Assessment Findings:

The current landscape of networking groups in the West Valley is somewhat sparse in quantity and variety. This scarcity points to an opportunity to expand networking infrastructures to serve the business community better.

2020 Chamber Audit Overview:

The audit from 2020 suggests that while the existing business networks are meeting current expectations, their numbers are insufficient. Despite this, the networks’ effectiveness is evident, although there are notable inefficiencies and a lack of specialized network coverage.

Effectiveness Criteria:

The effectiveness of a business network is inherently subjective, aligning with its members' unique goals and interests. Objectives vary across groups, encompassing. The West Valley is dominated by groups whose primary purpose is the aquistion of new customers or socail networks.  The is a general lack of other networking groups/structures that focus on  networking modles and objectives. 

Types of Netwoking Events & Groups: 

• Acquisition of New Customers
• Promotion of Information Sharing and Learning
• Development of Industry Contacts
• Coordination of Joint Promotions
• Initiation of New Collaborations
• Discovery of New Suppliers
• Attraction of New Investors
• Geograpghic Based
• Specialty Based: Women, LGBT or ethnicity  
• Social and Moral Support

Challenges Identified:

Smaller firms have voiced concerns over the prohibitive costs of network memberships and the ineffectiveness stemming from competitive resource allocation. Larger firms have expressed concerns that most networking events have become sale-a-thons.  Missed networking opportunities and suboptimal network sizes and diversities further underscore the need for more inclusive and varied networking options.

In-Person vs. Online Networking:

The prevalence of formal in-person networks is limited, potentially due to the ascent of online networking platforms such as LinkedIn. This trend highlights the imperative for businesses to navigate the evolving networking paradigm, emphasizing the growing significance of digital platforms.

Networking Group Diversity:

Networking groups in the West Valley exhibit a somewht spectrum of inclusivity, from open-access networks to exclusive, fee-based organizations. Notably, online networking sectors are experiencing rapid growth. Additionally, informal networks, like social meetups, offer non-specialist networking opportunities without formal membership prerequisites.

Effectiveness Criteria:

The effectiveness of a business network is inherently subjective, aligning with its members' unique goals and interests. Objectives vary across groups, encompassing:

• Acquisition of New Customers
• Promotion of Information Sharing and Learning
• Development of Industry Contacts
• Coordination of Joint Promotions
• Initiation of New Collaborations
• Discovery of New Suppliers
• Attraction of New Investors
• Geograpghic Based
• Specialty Based: Women, LGBT or ethnicity  
• Social and Moral Support

Utility of Networks:

Informal networks have shown limited utility in areas such as finance acquisition, employee recruitment, and brand enhancement. Conversely,  informal networks cultivate deeper trust. Formal networks are adept at connecting a diverse array of individuals from different sectors, enabling access to a wide range of competencies.

This white paper aims to succinctly articulate the state of networking within the West Valley, providing insights and recommendations based on the Chamber of Commerce’s findings.