If you haven't found an opponent in 5 minutes, or couldn't join a friend in 30 seconds there is something wrong with your (and/or your friend's) steam client.
You can try the following things to fix this problem:
- Check if your Download Region is set up right. In Steam click the Steam menu > Settings > Downloads and check if the Download region is set to the region you are residing in.
- Restart Steam, this seems to help on some occasions.
- Verify the integrity of the game cache. Right-click SpeedRunners in your Steam library, and click properties. There is a "Verify integrity of game cache" button in the "Local Files" tab in the "Properties" window.
- There may simply be not that many SpeedRunners players in your area. By default SpeedRunners only looks for players in an area roughly the size of the continent you are residing on. It will automatically increase the search distance if no opponents can be found. You can increase the search distance even further in the "game options" menu.
- If none of that worked you may need some port forwarding on the Steamworks P2P ports.