Peer groups for climate entrepreneurs

Leading an innovative climate company often means navigating uncharted territory in isolation. But it doesn’t have to – peer groups can offer a deep pool of collective wisdom to draw from, as well as support for the personal challenges that come with running a business. So, what should you know before signing up?

Chris Wedding is founder and CEO of Entrepreneurs For Impact. We sat down with him to discuss what you stand to gain from joining a peer group, and what to consider before committing to one.

What makes CEO peer groups different

While the purpose of a fellowship or accelerator is to support you as you’re developing your technology and getting your business off the ground, CEO peer groups are designed for more established businesses. At this point, you’ve got some revenue traction, more funding, and a bigger team. However, the core premise remains the same – you join a peer group because you want to learn from others facing the same challenges, and share your knowledge in return.

Other differences between these models are that CEO peer groups tend to be ongoing, not time-bound or cohort-based. Rather than a three-month or year-long stint, the aim is that you’ll stay for many years and build long-term relationships. And, because you’re more experienced, these groups don't follow a curriculum, and instead tend to be driven by members’ specific interests and concerns, such as board dynamics, capital strategy, leadership decisions, partnership negotiations, personal burnout, and work-life integration. 

Peer groups also differ from shadow boards, which are made up of a handful of peers at similar stages. Here, you have to find other participants and maintain relationships with them, and the number of members is small. With peer groups, you have access to a large and constantly growing or changing collection of people, with all the expertise that comes with that.

Types of CEO peer groups

Some communities like Vistage or YPO are huge, with members numbering in the tens of thousands. This might work for you, or could be overwhelming. Others have a cap on the number of participants, with a focus on developing deeper relationships within a smaller circle.

The larger peer groups tend to lack a theme, while others may bring together leaders from a specific sector – such as Entrepreneurs For Impact which has a climate focus.

Finally, groups like YPO and EO are more member-led, while Vistage is facilitated by former executives who act as mentors. Consider which dynamic may suit you more. 

The benefits of entrepreneur peer groups

1. Expanding your network
By joining a peer group you’ll gain a wide network of other CEOs who are navigating the same issues as you, and will act as a source of validation and moral support. You can tap the groups’ expertise for concrete advice – for instance, if you need help regaining leverage in a negotiation. 

What’s more, their network effectively becomes an extension of your own, increasing your chance of warm introductions to investors, advisors, partners, and customers. Even if you already have a strong network of your own, joining can still reap rewards, especially if the group is constantly expanding. 

2. Access to unknown unknowns
As well as giving you the opportunity to pose questions on practical matters, a peer group can provide you with insight and advice you wouldn’t have even known to ask for. Recurring open conversations means that new ideas and connections will arise organically. As a result, joining will give you access to completely unforeseen opportunities and breakthroughs.

The drawbacks of an entrepreneur peer group

1. Time
Fitting the peer group in an already-packed schedule will be challenging. However, the level of commitment varies, with some groups asking for three hours a month and others ten. The structure also differs: some spread meetings out across the month, while others will require attendance at an all-day, in-person session. 

2. Cost
Membership to an entrepreneur peer group can cost anywhere between $5k and $100k a year. In some cases there might be a paid trial, and in others you might have to sign a years-long contract upfront. The cost should feel like a worthwhile investment, not make you sweat — if it does, it’s not the right time for you.

Other considerations

1. Near or far? 
Some groups meet in your zip code, while others are hybrid with a broader reach and periodic in-person retreats. These face-to-face conversations are more likely to become candid and vulnerable, but if you have to travel far, could take much more time out of your schedule.

2. Competitors and confidentiality 
If you're in a sector-agnostic group, the concern about your information going to a competitor, whether directly or indirectly, is almost zero. You’ll have to sign an NDA with any of these programs, but if it’s sector-focused, there could be overlap with competitors, which you’ll need to be mindful of. Clarify what the group’s approach is first, and whether they explicitly exclude members’ competitors. 

3. Remember, it’s not a business opportunity
Some CEO peer groups will allow or encourage business dealings between members, and others will not. But, if you’re considering a sector specific group and you’re a service provider, don’t think about joining as an opportunity to win clients. This might arise organically after months or years of building trust, but is not the point of the group.

Before joining a peer group

1. Find out who’s involved
Get the current member list and assess whether they’re at the same stage as you – if not, their problems aren’t going to be your problems. Then, ask yourself if you can see yourself spending time with, trusting, and learning from these people. 

There’ll be time for facilitated networking after you join, but you should also reach out separately to build relationships with people you think will be significantly valuable. Block out a couple of hours to dig through members’ LinkedIns and figure out who’ll be especially useful to know. 

2. Get the rest of your team on board
If you lack the right skills, network, or perspective, your company will suffer. So, a peer group isn’t a personal indulgence, it’s an opportunity for important professional development, which then increases the odds of success for the entire company. 

With this in mind, it’s worth sitting down with the rest of your leadership team and getting their buy-in, showing that while this will take up a fair amount of your time, it will be worth it for benefits to your business. You can also set a precedent, as peer groups also exist for CTOs and COOs to grow their networks and develop expertise.

3. Be intentional with your time
Proactively carving out the time to engage with your peer group is critical –otherwise, you’ll be paying for something you’re not getting value from. 

So, if you’re typically in meetings all day, figure out which meetings you can skip in favor of peer group meetings. You might also consider blocking out an hour a week to engage with queries from the group. And, if travel is involved, block out that time in advance and make sure you know who can cover your work during those times. 

4. Prepare to be vulnerable
At its best, a peer group creates a safe space to discuss challenges you can’t easily raise elsewhere, from co-founder conflicts to mental health struggles.

Take advantage of this opportunity to ask the hard questions. The more you show up with candor and openness, the more likely you are to find powerful solutions and support.

Dr. Chris Wedding is the Founder and CEO of Entrepreneurs for Impact (EFI), the leading climate tech CEO peer group in North America (capped at 50 VC- and PE-backed CEOs); creator of the Climate CEOs podcast and newsletter; co-founder and Board member at Terraset (carbon removal purchases); Professor of the Practice at the UNC Chapel Hil Kenan-Flagler Business School, Executive in Residence in business and the environment at Duke University; Board member at World Tree (regenerative forestry); Board Advisor at DG Matrix (solid-state transformers); former environmental private equity investor; former cleantech investment banker; and occassional monk.