End to boozy business lunches as 'speed networking' hits UK

Devotees of the corporate expense account are in for a shock. Long, boozy lunches, the traditional way of making business contacts, face a new and cost-efficient challenge from the burgeoning world of "speed networking".

Devotees of the corporate expense account are in for a shock. Long, boozy lunches, the traditional way of making business contacts, face a new and cost-efficient challenge from the burgeoning world of "speed networking".

Inspired by the phenomenon of speed dating, where time-pressed singletons can meet 20 potential partners in one sitting, networking events use the same technique, but this time with business cards.

Already thriving in the US, the concept has now taken root in Britain, with half a dozen specialist firms offering regular events to aspirant entrepreneurs.

The concept is simple. Speed networkers spend no more than two or three minutes in each other's company, which gives both sides time to make their pitch. A whistle blows and they move on to the next person.

The advantages are obvious, claims Mike Segall, managing director of Speed Networking.

"The point is to very quickly increase the number of business contacts you have," he said. "If you go to a normal networking event you are not going to speak to more than five or six people in an hour."

Speed networking has become particularly popular with business people and new university graduates of the internet generation.

Kevin Steele, chief executive of Enterprise Insight, a government-backed initiative to encourage young entrepreneurs, said: "The emerging generation of people in their late teens and early twenties are the most networked in history. They operate very naturally in this way much more than any previous generation."

Traditional business relationships have relied heavily on the old boy network - with its inherent bias towards Oxbridge graduates and former public schoolboys. "Speed networking is far more meritocratic," said Mr Steele.

Oli Barrett, a 26-year-old entrepreneur, set up regular speed networking events of his own after attending one dull business lunch too many.

"We Brits are not great at politely saying goodbye to someone," said Mr Barrett. "We talk until we are rescued."

Business cards were already waving by 7.30am at last week's Keycontacts networking session in an upmarket London hotel.

The two dozen networkers who paid the £115 entry fee got to meet an assortment of regulars and newcomers including accountants, small businessmen, journalists, solicitors, a graphologist, numerous "life coaches" and a man who makes bouncy rubber balls.

On the command "ready, steady, start talking", frenetic two-minute conversations opened up across a large table.

Financial adviser David Brazier, a confirmed speed networker, claimed to make an additional £15,000 a year from the monthly meetings.

"People are definitely more focused in the morning. It also means you've got the rest of the day for business. If you go to a lunch meeting, where there's alcohol, you may as well write off the rest of the afternoon."

Executive business coach Blaire Palmer was more doubful.

"It was great to introduce myself to everyone, although I'm not sure I could work that hard at every meeting," she said.

"Networking tends to have a bad image, but it's just about getting to know people. You can't build a relationship in two minutes.

"You have to be in it for the long haul. I couldn't do this every month. It takes a long time to build a business relationship."