Thoughts shared with a group of leaders in Mississippi looking to improve the State's economy and support startup up entrepreneurial activity - sponsored by the University of Mississippi.

1. BUILDING AN
ENTREPRENEURIAL ECOSYSTEM
THE NASHVILLE STORY
10.28.16
Dr. Michael Burcham
michael@michaelburcham.com
www.michaelburcham.com
615.400.7662

2. ABOUT | NASHVILLE
2016
Fast Company | Top 3 Cities in America for Startups
Inc | 10 Best Paces to Start a Business
Entrepreneur Magazine | Hottest Startup City
Forbes | Best Places for Business & Careers
Glassdoor.com | Top 25 City for Jobs

3. Organize | Create the “Front Door”
BUILDING NASHVILLE’S ENTREPRENEURIAL ECOSYSTEM
We have established the Nashville Entrepreneur Center as the city’s “Front Door” for
Startup and Entrepreneurial Activity:
- We have launched just over 100 new businesses in 48 months
- They employ over 1,200 people and provide nearly $100M USD in economic impact

4. We have focused our entrepreneurial efforts around the categories that
represent both our large businesses and our investment community
FOCUS | LEVERAGING NASHVILLE’S CORE ASSETS

5. OUR GOAL: To help early stage
entrepreneurs develop their businesses.

6. • Ideas are Cheap | The Best Ones are Worth About $20. Don’t
obsess over the idea.
• Most Entrepreneurial Leaders Were Not the “Idea” Person on the
Team. They are the ones who Do something with ideas.
• Having an Entrepreneurial Mindset is a Learned Behavior - and the
more you practice it, the better you get.
• The Business Model Matters a Lot!
• Execution Matters Even More
• Money Follows GREAT Execution
• The Glue within the Ecosystem is more important than the Entities
MY BIAS
THINGS WE’VE LEARNED | INSIGHTS

7. THE DYSFUNCTION
THESE FUNCTIONS NEED TO BE CONNECT TO A PURPOSE
Mentoring Government
Support

8. Think of the Entrepreneurial Ecosystem as providing fertile soil and a
climate in which to seed, nurture and grow new businesses.
The enablers…
• Venture Creators
• Mentors & Advisors
• University Partnerships and Programs
• Support Organizations (Legal, Accounting, Technology)
• Labor Markets
• Investors
• Government
• Large Businesses
These are all more effective when they are networked to encourage
intellectual, financial and human capital to flow to enterprises at every
phase of the startup journey.

9. Ecosystem Assessment | Key
Ingredients for Success
ECOSYSTEM
ASSESSMENT
1.
Economic & Community Development | Planning
via Entrepreneurial Goals
ECD STRATEGY
2.
Partners, Businesses, Investors, Universities
& Government | Engagement in the Plan
STAKEHOLDER
ENGAGEMENT
3.
Set Phased Priorities | Should Be Based
Upon Findings and Funding of 1, 2 and 3
PRIORITY
PLANNING
4.
Do The Right Things | Do Things
Right | Execute
LAUNCH AND
EXECUTION
5.
Mentoring, Training, Capital
Continuum | Founder to CEO
BEST-IN-CLASS
PROGRAMMING
6.
Celebrate | Build on
What Works
BUILD ON
SUCCESS
7.
ECOSYSTEM DEVELOPMENT | STEPS
FOMO
Fear of Missing Out

10. Y
U
A
M
C
G
ECOSYSTEM DEVELOPMENT | ROLES IN SYSTEM
• Become 1st Customers of Startups
• Coach in Entrepreneurial Mindset
• Outsourced R&D Concepts
• Skunkworks & Private Accelerators
• Creation of New Businesses
• Growth of Existing Businesses
• Support New Entrepreneurs
• Design of New Business Models
• Encourage Creativity
• Development of the Future Workforce
• Create an Entrepreneurial Mindset
• Teach Coding
Youth Engagement | Basic Tools, Coding
Workshops, Creative Problem Solving
Programming | Immersion & Experiential
Learning, Live Case Study, Business Tools
Accelerators | Screening Methods, Mentoring,
Biz Modeling, Idea to Launch
Mentoring & Coaching | CEO Development,
Business Modeling, Growth Tools
Corporations | Entrepreneurial Mindset
Training, Innovation, Skunkworks, Partnerships
Government | Business Friendly Environment,
Support, Cultural Mindset

11. Align Your Vision for
Success
Ensure the definitions of success
match. Choose core measures.
Secure Business &
Stakeholder Support
Identify who is committed to help
create success.
Connect to Capital - Build
Funding Pipeline
Connect to Sources of Capital in the
Public and Private Sector.
Leverage Resources to
Drive Opportunities
Leverage resources to help create
wins with investable stories.
Organize Your Community
“Front Door”
Build partnerships: Entrepreneurs,
Mentors, Investors, Biz Partners
1 2 3
4 5
STEPS IN BUILDING A SUSTAINABLE
ENTREPRENEURIAL ECOSYSTEM

12. OUR LESSONS LEARNED
WHAT HAS HELPED CREATE OUR SUCCESS?
Businesses
Must Be
Engaged
It’s not about the
building – it’s
business helping
startups build
their team, test
business models,
capture market &
raise capital
Seed & Angel
Capital is
Required
Early stage capital
is essential to
create prototypes
and build out
technologies. The
best startups go
to the sources of
capital.
Execution, Not
Ideas Create
Value
Ideas are nice,
but there’s no
market for them.
Transforming an
idea into a
business requires
execution skill.
1. 2. 3.
The Ecosystem
Matters – a
LOT
The combination
of the creative
talent, seasoned
entrepreneurs,
business support,
programmers &
investors – they’re
all essential.
4.

13. CONTACT INFORMATION
Dr. Michael R. Burcham
c. 615.400.7662
e. michael@michaelburcham.com
w. www.michaelburcham.com
t. www.twitter.com/michaelrburcham
l. www.linkedin.com/in/michaelburcham
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