What is networking?

The term as such is not included in the Royal Spanish Academy (RAE), yet the word networking is widely used. The anglicism essentially refers to the creation and maintenance of professional contacts in order to establish mutually beneficial relationships. In other words, networking makes it possible to find new business or professional opportunities, contact potential partners, potential clients or, simply, to present projects. In practice, there are two essential formulas to conduct this meeting focused on professional relationships: face-to-face or virtually.

• Social networking

What is known as online networking or social networking offers the advantage of connecting professionals and companies from all over the world without geographical restrictions. The flexibility of participating in online events from anywhere facilitates their integration into the daily routine, allowing for increased participation and diversity of contacts. However, in this type of meetings the human component (present in face-to-face interactions) is limited and, consequently, so is the depth of relationships to some extent.  

• Face-to-face networking

Networking events, trade shows, professional meetings... Face-to-face networking, on the other hand, generally allows for more direct connections, strengthening trust and collaboration. However, geographical restrictions may limit its accessibility, as well as the lack of flexibility in terms of scheduling. Although it provides a unique opportunity to meet other professionals and companies in a social and professional environment, this form of networking can be more limited when compared to online networking.

For one or another form of networking to be really effective, it is important, for example, to establish clear goals that allow you to focus your efforts on specific objectives. Moreover, it is not a matter of simply expanding the list of professional contacts, but of establishing quality synergies with strategic partners, potential clients, industry professionals... However, it is important to be proactive and consistent in your efforts to establish and maintain these relationships, as well as to diversify your networks to explore new perspectives and discover new opportunities.

From a business standpoint, networking is crucial for establishing strategic alliances, finding new customers or suppliers, and keeping up-to-date with the latest market trends. This interconnection between companies not only boosts their growth, but also fosters innovation by opening up new avenues for collaboration and product or service development.

Agreements such as the one between Repsol and Microsoft, focused on accelerating Repsol's digital transformation, are a good example of the importance and purpose of networking. Both organizations are jointly developing new digital solutions based on artificial intelligence and, as part of the partnership, the multi-energy company supplies renewable energy to Microsoft for its operations in Europe, including Spain. Along the same lines, Repsol's Circular Economy Strategy includes, for example, the promotion of networking with companies and organizations that promote the circularity of the economy.

When it comes to professional development, networking can make the difference between a static career path and one full of opportunities. The first edition of the University Challenge Hackathon, organized by Fundación Repsol, was a fascinating setting to put it into practice. In it, about a hundred university students had the opportunity to face challenges related to the energy transition in an environment where competition and teamwork fostered reflection and innovation. But the event went beyond mere competition, allowing participants to connect with other young people and develop collaborative projects through networking.

By establishing relationships with other professionals in the same field or even in different sectors, doors are opened to new job opportunities, collaborations in innovative projects, as well as the exchange of knowledge and best practices. However, it is also possible to encourage labor mobility within the same organization through new ways of working, such as those practiced by Repsol, promoting learning and collaboration, while empowering professionals to perform at their best.  

• Creates opportunities. One of the main advantages of networking is that it opens the door to new business opportunities that might otherwise go unnoticed.    
• Knowledge exchange. Interacting with professionals and companies from different sectors opens the door to the exchange of ideas and experiences, thus fostering innovation. These interactions can lead to the generation of creative solutions and the implementation of best practices in various professional fields.
• Development of soft skills. Networking involves not only the creation of contacts, but also the development of what are known as soft skills, such as effective communication, negotiation, and teamwork. These skills are essential in today's workplace and can be enhanced through interaction with other professionals at networking events or in collaborative work environments.
• Support and mentoring. Establishing strong relationships in the professional arena can provide valuable emotional support and practical advice throughout your career. Having mentors, or even the support of organizations with similar experiences, can be a great help in advancing your business and career path.
• Builds a strong brand. Maintaining an active and well-maintained professional network can help strengthen the reputation and visibility of a professional or business in their field. Through professional social networking and participation in networking events, experts and organizations can stand out as opinion leaders, industry professionals, and benchmarks in their industries.

Networking is much more than simply exchanging business cards at events. It is a strategic practice that fosters collaboration, innovation, and growth at both the business and individual level. The result is initiatives such as the launch of All4Zero, the multi-sector, non-profit hub in which Repsol participates to promote disruptive technologies in the field of renewable fuels, circular materials, CO₂ capture and conversion, and renewable hydrogen, among others.

Based precisely on the professional relationships established between its member companies, this hub, the first of its kind in Spain, aims to accelerate the development and implementation of technologies for decarbonization and the circular economy. In short, it is a clear example that investing time and effort in networking is a practice that can contribute to global progress and the development of great professionals.