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A Blessing of unicorns: Edinburgh's Entrepreneurial Ecosystem

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Edinburgh has one of the strongest entrepreneurial ecosystems in the world, but it remains hidden. This presentation talks about what entrepreneurial ecosystems are, why they matter, and the features of Edinburgh's ecosystem.

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A Blessing of unicorns: Edinburgh's Entrepreneurial Ecosystem

  1. 1. A Blessing of Unicorns: Edinburgh’s Entrepreneurial Ecosystem Ben Spigel, PhD Chancellor’s Fellow University of Edinburgh Business School
  2. 2. Entrepreneurial ecosystems are the environments — good or bad — surrounding the entrepreneurship process
  3. 3. Success of new venture Idea Drive Skills Entrepreneur Market Timing Demand Competition Ecosystem Resources Opportunities Support
  4. 4. Culture is the most important thing Everything else depends on it
  5. 5. Dealmakers use their own social capital to support their community’s ecosystem
  6. 6. they need to know how to work at startups Ecosystems need more than smart workers;
  7. 7. Ecosystems should be led by entrepreneurs Government should support the issues they identify
  8. 8. Ecosystems mean more than lots of startups They are a community that support high-quality entrepreneurship
  9. 9. Edinburgh has a lot of Unicorns! Unicornsper100,000residents 0.4 0.7 1.1 1.4 SanFrancisco Provo,UT Edinburgh Luxemboug NewYorkCity Boston Stockholm Berlin Bejing TelAviv Singapore HongKong Amsterdam Vancouver London Bangalore LosAngelas Sydney Shenghai Washington Hangzhou NewDelhi Moscow Seoul Mumbai SanPaulo source: Forbes
  10. 10. And a lot of successful startups in many sectors
  11. 11. This is deeply weird
  12. 12. Edinburgh has a highly effective entrepreneurial ecosystem
  13. 13. Why is Edinburgh’s ecosystem so strong? Strong research universities Entrepreneurs who give back Thick social networks High quality of life
  14. 14. Growing investments TotalInvested(USD) $75,000,000.00 $150,000,000.00 $225,000,000.00 $300,000,000.00 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 source: Crunchbase
  15. 15. Lots of support organizations
  16. 16. Just the right size
  17. 17. How did we get here? 1940s & 50s 1960s & 70s 1980s & 90s Today
  18. 18. Successful Ventures Failed Ventures NewStartup Cultural confidence Mentors Upskilled workers Global connections New investors and managers Entrepreneurial Knowledge Intellectual Property Skilled workers
  19. 19. But Edinburgh isn’t on the map startup compass 2015 report
  20. 20. Issues facing Edinburgh • Few big exits • Creating an international brand • Lots of angels but few venture capitalists and even fewer series B investors • Attracting and keeping top talent • Sustaining an entrepreneurial culture
  21. 21. Strengthening the ecosystem • Celebrate the successes and the failures • Work to build Edinburgh’s reputation on the international scene • Create new connections within the ecosystem • Build the organizations you need

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