Talk about the resources that entrepreneurs struggle to find and help that all entrepreneurs could use.
Entrepreneurial ecosystem p1 intro
The EntrepreneurialEcosystemPart 1: Dr. Michael R. BurchamDefining an e. firstname.lastname@example.orgEntrepreneurial w. www.michaelburcham.com t. www.twitter.com/michaelrburchamCommunity f. www.facebook.com/michael.r.burcham l. www.linkedin/in/michaelburcham
We are building ourEntrepreneurial Ecosystem:TheIndividuals, Organizations and Institutions–outside the individual entrepreneur - that areconducive to the choice of a person to become anentrepreneur, or the probabilities of his or hersuccess.
Think of the Entrepreneurial Ecosystem as providingfertile soil and a climate in which to seed, nurture andgrow new businesses.The enablers…• Venture Creators• Advisors & Mentors• Universities• Support Organizations• Labor Markets• InvestorsAre more effective when they are networked to encourageintellectual, financial and human capital to flow to enterprises at everyphase of the startup journey.
We are creating theFront Doorof entrepreneurial opportunity.Offering access toexpertise, supportandcapitalto launch newbusinesses.
3 Simple Truths… What Do Startup Entrepreneurs Need?
3 Simple Truths1. Entrepreneurs Really Need:Access! – To expertise via credible, capable, engaged mentors – To an expanded knowledge network – To seed capital – To a supportive community / environment
3 Simple Truths2. Efficient networks depend on consistent processes: – Coaching & Mentoring for 1st-time entrepreneurs – Evaluate idea-stage opportunities – Find high-growth potentials – Accelerators can add consistency and help with launch – Engagement of local and state officials to facilitate capital investments and a capital continuum
3 Simple Truths3. Local commitment is essential:Don’t just build an incubator and expect new jobs… – utilize the space you have – Leverage your strengths – invest in people, and – connect them to local and regional knowledge networks
The Market Reality• The innovation economy is literally sweeping away all the old rules of building communities. Entire industries are already being transformed (publishing, music, news) and others are in a significant state of change (retail, healthcare, manufacturing).• The global marketplace is more mobile than ever.Investors and entrepreneurs want to see a community and its leadership moving to the future before allocating their time and capital. A community hoping to have a thriving Entrepreneurial Ecosystem and a sustainable economy needs to be a place that demonstrates a commitment to their entrepreneurial community.