When Ideas and Opportunities Collide

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When Ideas and Opportunities Collide

  1. 1. When Ideas andOpportunities Collide Dr. Richard Swart Executive Vice President Grow America
  2. 2. Required Disclaimer The crazy ideas in this presentation are entirely mine I don’t speak for the views of Grow America all of the time
  3. 3. I disagree with Classical economic theory Economic clusters Incubators Much of the way businesses in Utah are organized and formed Laissez-faire economics and limited government role in spurring entrepreneurship Tribal society The belief that smart people will do the right thing most of the time
  4. 4. What exists between ideasand opportunity? There are only three essential ingredients to a successful launch:  IDEAS  TALENT  CAPITAL
  5. 5. Startup Recipe Once launched, you need:  To navigate growth  Capture loyalty of new users  Develop good business deals to grow user base  Forge advertising deals to convert users to revenue  Hire the right executives that understand marketing to your customer  Raise capital to make all of this possible
  6. 6. Community High LevelRecipe To build a world class company (you want to, don’t you?) you need:  Clusters of accessible executive talent  Entrepreneurial capital  Strategic partners that know how to build from startup to sustainability  The most precious resource of all – human relationships!
  7. 7. Bad news for EconomicDevelopment Clusters of smart, highly trained people do not mean that capital or business savvy naturally form The cluster and center of excellence model do not show results, if created in areas without existing high velocity of capital to high growth potential startups
  8. 8. Recipe for PossibilityDiscovery Ideas People Entrepreneurs Organizations Coordinating Infrastructure (unbounded)
  9. 9. Recipe for InnovativeEcosystems Information Sharing Education Networking
  10. 10. Recipe for BusinessGeneration Analysis and Review Mentorship Virtual Companies Building highly successful teams and scalable models
  11. 11. The Real Killer: SocialDistance and Distrust Networks are highly inefficient Hubs are golden Most entrepreneurs do not know how to connect to connectors Social barriers create real transaction costs Disintermediation of screened entrepreneurs and resource providers (meet useful people who provide a lot of value)
  12. 12. Circles of Trust Family Church Present coworkers Social PastAffiliations colleagues Professional Friends Affiliations
  13. 13. Value of Networks
  14. 14. RX for Better Odds Vet and validate your ideas, actively engage a wide range of people Network at and above your level Don’t waste your time, follow-up Actively seek co-founders (outside your circles if possible) Get on a plane and into networks
  15. 15. Grow America’s Role Providing opportunities for feedback and mentoring Learning and tools Competitions Supporting existing community innovators and trying to be the bridge between groups
  16. 16. How can we help? richard@growam.com @AskAlanEHall @GrowAmerica @slcentrepreneur

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