A website promoting masterminds in California singles out three types of them:
- non-local, travel-to masterminds several times a year
- weekly “accountability” group,
- monthly meetings with a full day hands-on mastermind organized locally
Masterminds for international startups
For internationally networked startups — or those that aspire to operate internationally — the focus of the mastermind would definitely shift. You’d need to look at things like global expansion strategies, navigating different regulations, and building a strong international team.
In Fort Worth, they might be focused on things like finding partners in other countries, understanding different consumer behaviors, and raising capital from international investors.
In Dar es Salaam, the focus of the startup founders could be on leveraging local talent, building partnerships with international organizations, and overcoming infrastructure challenges that might be different from what the core team is used to.
And in Bangalore, they’d probably be looking at things like tapping into India’s large tech talent pool, understanding the local market, and expanding into other Asian markets.
So, the mastermind for this kind of local but ambitious startups would need to be flexible and address the unique opportunities and challenges of each location, while also focusing on the big picture of building a successful global business.
Masterminds tailored to the needs of local startups
How masterminds by 5,000 Cities supercharge local businesses that might want to sell to international partners in the future — but for now are just starting the journey within their local startup ecosystem? We start by discussing the unique challenges your small business faces, and how mastermind groups offer a safe space to connect with other local entrepreneurs.
Masterminds offer a chance to share ideas, troubleshoot problems, and get advice from startup founders who get it – since they’re in the same neighborhood, city or region, facing similar challenges.
Collaboration and accountability are the core of 5,000 Cities masterminds
We also talk about the power of collaboration that comes from a mastermind. Examples could be of a local inter-city mobility startup and a house cleaning services matchmaking platform developer that could team up. The possibilities for cross-promotion and joint projects are endless when you’ve got a mastermind fueling your business.
Finally, let’s not forget the accountability that is nurtured as part of a series of masterminds. It’s easy to get lazy when you’re running your own show. But when you’ve got people checking in on your progress, it keeps you motivated and focused on your goals. Masterminds give you that extra push to keep moving forward.
There absolutely can be a big difference between masterminds. Some focus on very specific industries or niches, while others are more generic. Some are invite-only with high-level members, while others are open to anyone. And the structure can vary too – some have set agendas and specific goals, while others are more free-flowing.
The right mastermind for you depends on your specific needs and what you want to get out of it at this point in your startup’s development. Drop us a message and let’s figure it out together!
