Key takeaways on starting an Impact Hub for aspiring founders
Inspiring reflections from the co-founders of Impact Hub Bradford and Impact Hub Lagos on their founding journey with the Impact Hub Network.
- Impact Hub Network
- Global team
The 5th Future Founders Day brought together aspiring founders from around the world on August 1st. The event provided a comprehensive guide to launching an Impact Hub, offering insights into building community, creating inspiring spaces, and developing engaging content. Attendees heard firsthand from Impact Hub co-founders Lagos and Bradford, offering valuable lessons about overcoming challenges and fostering growth in their impact journey.
Here are some of the key takeaways from the session:
1. The importance of a diverse and committed team
A diverse team with a variety of skills and experiences is essential for tackling complex problems. When recruiting, look for people who are passionate about your mission and have skills that complement each other. The founding team may evolve over time, so be adaptable and welcome new members who bring fresh ideas. It’s also important to ensure your team represents the diversity of your community.
2. Start small, aim high
It’s best to start small and scale up gradually. This approach allows for learning and adaptation while minimising risks. It’s important to set clear, achievable goals that align with the long-term vision. Starting with a smaller space and team can be a practical way to begin, as it allows for organic growth and expansion as resources become available.
3. Be ready for creative problem solving
Creative solutions are often needed to overcome financial and operational challenges, especially in the early stages. This could involve applying for grants or forming partnerships. Collaboration is key, so actively seek partnerships with local businesses, government agencies, and international organisations. These collaborations can bring in valuable expertise and financial resources.
4. Understand the role of Impact Hubs within the local ecosystem
To effectively position your Impact Hub, it’s essential to understand your unique value proposition and the role you’ll play within the local ecosystem. The first step is to carefully assess the specific needs and opportunities present in your city or region. Each Impact Hub has a distinct role that’s shaped by its local context. Therefore, it’s crucial to identify the gaps and areas where your hub can make the most significant contribution.
For instance, Impact Hub Bradford focuses on raising the profile of social entrepreneurship in a city with limited awareness. Solape emphasised Impact Hub Lagos’s role in facilitating connections between startups, corporates, public sector entities, and international partners. This collaboration is crucial for tackling complex challenges.
5. Embrace the journey and be patient
The journey of establishing an Impact Hub is a long-term commitment that demands patience, resilience, and a willingness to continuously learn and adapt. It’s important to recognise that growth and development will happen gradually over time. The process involves building trust within the community, establishing necessary infrastructure, and fostering a culture of innovation. To stay ahead of the curve, it’s crucial to actively participate in the Impact Hub Network by attending global gatherings, participating in training sessions, and engaging with other Impact Hubs to exchange knowledge and learn from their experiences.
6. Build a strong community and focus on impact
Ultimately, the success of an Impact Hub lies in its ability to build a strong community and create meaningful impact. Focus on the people and the mission, rather than just the business aspects. Kamran shared how Impact Hub Bradford has prioritised inclusivity and accessibility in its programmes, ensuring that they cater to diverse communities. Solape highlighted the significance of aligning the hub’s activities with the broader goal of social impact and change.
The journey of founding and running an Impact Hub is filled with challenges and opportunities. The key is to stay true to the mission, build a strong and diverse team, and approach challenges with creativity and resilience. By focusing on community and impact, founders can create lasting value and drive meaningful change in their communities.
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