This article is brought to you by Axial.
Industry conferences, wine and dinner, the golf course—those are the networking venues in which deal connections have traditionally been made.
While face-to-face interaction is, and always will be, critical for a successful transaction, business development and deal origination efforts are long overdue for innovation. In the same way that “techpreneurs” and the venture capital community have rallied around the Internet to help power their deal processes (think of the crowdfunding process or the investor-startup matchmaking site AngelList), so too should middle-market deal professionals.
The private capital markets have long relied on manual, time-consuming and expensive methods of business development. Dealmakers could spend countless hours and dollars traveling to in-person meetings and industry conferences, gathering company and adviser data from historical-looking and on-demand databases—all for just one deal.
Reliance on these strategies alone has become incomplete as deal professionals have begun to realize the power of new tools, such as deal networks, real-time information sources and customer relationship management systems.