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LaunchTN hosted their 11th annual 3686 Conference on September 9-11. The conference brings together entrepreneurs, investors, and tech enthusiasts to learn, connect, and discuss the future of technology and innovation. This year the Greater Memphis Chamber had the opportunity to bring a group of small business Chamber members to Nashville, TN.

During this time, our members went to sessions such as “Meet the Mayors” where they heard from the mayors of the four major cities in Tennessee discuss economic development; or “AI for Legacy Industries” where experts discussed how artificial intelligence is providing new opportunities across different industries. Along with learning sessions, there were a plethora of other events including a startup showcase, pitch competition, networking event, and time for one-on-one conversations with other attendees.

There was so much information to glean from at the conference so here are 3 takeaways from the 2024 3686 conference.

1. Relationship Building is Key in Economic Development.

Who you know is important in every industry, but especially economic development. Panelists at 3686 frequently discussed the importance of knowing people and expanding your network. They referred to it as the “ecosystem” of economic development.

Elizabeth Reid, Consul and Trade Commissioner for the Consulate General of Canada said, “Once you’re in the ecosystem, the ecosystem will carry you forward.”

This means your people know people who might be able to help you in your latest endeavor.

In that same sessions, “Going Global,” the panelists continued to discuss the ecosystem and how your network can affect your success abroad. Julianne Cox is the Vice President of International Development for Invest Northern Ireland. She explained how part of her role is to connect new businesses with local people such as lawyers and accountants who can help

them navigate the ins and outs of the country.

An event like 3686 is the perfect opportunity to start building those connections of people who know people and are willing to introduce you to those people.

“Great relationships were made, and information flowed from that event,” said Rozell Gray, owner of GXV Global.

Another attendee, Rhonda Lyons, owner of Weeden Financial LLC. said, “I am hoping to contact some of the people I met to gain more insight to help propel my current business.”

Which leads us to our next takeaway…

2. Stay Persistent.

Imagine this: you are at a business event where you were able to meet with several fellow business owners and people who have the knowledge and resources to help you advance your next project. You exchange a few business cards and enjoy the rest of the event. The next day you reach out to them with an email that says something along the lines of “It was great to meet you. I’d love to further discuss a partnership on this project.” A day goes by—no response. A week goes by—still no word. 2 weeks—nothing. A month—silence. You’re disappointed they never responded to your email, but you moved on in looking for someone else to help with your project.

Where was your mistake? In the follow up.

It is crucial to follow up. In this scenario, you did right by sending the initial email. However, once some time passes with no response, it is nece

ssary to follow up again. Try making a phone call even.

Now say the business deal doesn’t quite work out—the timing wasn’t right. Don’t ditch that contact. Stay in touch! Grab a coffee. Engage with them on social media. Have a conversation with them at the next event.

Patricia McKinney, Director of Small Business and Member Programming at the Chamber said, “Stay persistent when engaging with potential clients—don’t wait for them to call you back!”

Persistence doesn’t end with people. Owning a business is hard. You’ll run into challenges. But to be successful, stay persistent.

1. 3. Tennessee is a Great Place for Entrepreneurs.

Tennessee is a state with so many advantages for business owners and entrepreneurs. Many people recognize Tennessee for its business-friendly climate. From locational advantages to the industry hubs; or tax advantages and a skilled workforce, Tennessee has so many factors that benefit its businesses.

“The resources here are truly empowering for those looking to take their ventures to the next level,” said Larry Robinson, CEO and Founder of Kudzukian and Co-Chair of the Chamber’s Small Business Council.

According to a recent article by CNBC, we are ranked third for economic, seventh for infrastructure and cost of doing business, and eight for workforce allowing Tennessee to rank in the Top 10 for Best States for Business.

Reflecting on experiences like this is crucial to continue to grow your business and career. It is important to take the time to find a few takeaways, but most importantly, apply those takeaways. Knowledge is power, but what is knowledge without action?