Entrepreneurial Ecosystems
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IEDC CAO Tracy Kitts presenting on the viability of Economic Development driven by local entrepreneurship when driven by broadband
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Entrepreneurial Ecosystems
- 1. Tracy Kitts December 15, 2016 The International Economic Development Council
- 2. 70% correlation between entrepreneurial activity and economic growth High levels of entrepreneurship = above average economic growth High levels of entrepreneurship = stronger more competitive economies Global Entrepreneurship Monitor, “The Case for Entrepreneurship”, June 2003 2
- 3. Creates jobs from “within” Creates a locally-owned economic base Diversifies your local/regional economy Attracts outside investment Creates a network of high-worth individuals Prompts social change Rural startups MUST sell outside the region 3
- 4. Markets/ Customers/ Partners Technical Support Capital Culture Talent Academic Institutions Policy 4
- 5. Mentoring/advice Network/linkages/connections Access to markets/customers Access to capital Information/education Community support of calculated risk taking 5
- 6. ENTREPRENEURS! (those willing to risk) Universities/colleges/high schools Technical assistance providers Local/regional banks Angel investors Professional services (legal, accounting, etc.) A CONVENER A place to convene 6
- 7. ENTREPRENEURS! (those willing to risk) Universities/colleges/ high schools Technical assistance providers Local/regional banks Angel investors Professional services (legal, accounting, etc.) A CONVENER A place to convene 7 SOAR KentuckyWired Kentucky Infrastructure Authority EKCEP KVEC SKED MACED Kentucky Highlands Federal Partners – ARC, etc. Private Sector Partners
- 8. Places Programs Business Incubator Innovation Center Accelerator Etc. Hey! What about SBDCs coworking spaces, maker’s spaces,fab labs, SBDCs…? Entrepreneurship Ed. Coaching/Mentoring Boot Camps Pitch Competitions Startup Weekends Business Plan Competitions CEO Roundtables Investor Roundtables Etc.
- 9. Incubator “Seed” Accelerator Coworking Maker Space Start-ups/early stage Entrepreneur with idea, or start-ups Freelancers, entrepreneurs, distributed work model Entrepreneurs, small biz, inventors, tinkerers Array of business support services, esp. mentoring, provided over 12 to 24 mos. Boot camp for cohort; access to capital; 3 to 6 month program Community, workplace for solo workers Access for novices to equipment & classes on how to use equipment Membership fee Equity stake 4 – 8% + $18 – 100K Membership fee Membership fee & course fees 9
- 11. Favor incumbents less Talk to entrepreneurs and listen Map the ecosystem Beware artificially segmenting your community/strategy Capitalize on crisis “Enabling Entrepreneurial Ecosystems” by Philip Auerswald, 2015 11
- 12. ACEnet Ohio University Innovation Center TechGrowth A community that talks about entrepreneurship! Successes – Diagnostic Hybrids, Ed Map, Third Sun, Frog Ranch, Milos, Jackie O’s…and many more 12
- 13. Is a “slow slog” Needs community champions Needs great partners Requires community members to take risks 13
- 14. The Internet and High-Speed Access o Access to information o Access to customers o Global communication o Creation of identifiable niche markets Fast Shipping o Access to global suppliers o Ability to ship products anywhere … FAST! 14
Editor's Notes
- The Global Entrepreneurship Monitor (GEM) Project is a comparative international study assessing entrepreneurship’s importance to economies worldwide. They conclude that: * the correlation between the level of entrepreneurial activity and economic growth is greater than 70 percent; * all nations with high levels of entrepreneurial activity have above-average rates of economic growth; and * economies with higher rates of entrepreneurial activity are stronger and more competitive. (GEM 2000 Executive Summary as cited in "The Case for Entrepreneurship," June 2003)
- DETERMINE the players to appear in the chart Ecosystem spurs and supports entrepreneurship, start-up and growth
- Entrepreneurs need different sorts of support depending on their stage of development. ESO types Customers, value proposition/core services, biz model/fees
- Favor incumbents less. Policies and regulations that favor existing, dominant companies over entrepreneurial ventures constrain competition and create barriers to entry for new firms. Examples of such regulations include assertive enforcement of non-compete laws, excessively restrictive occupational licensing requirements and regulatory complexity that inhibits contracting. Policymakers should avoid such policies and regulations and work to reduce the barriers to business startup. Listen to entrepreneurs. Rather than developing policies abstractly intended to correct “market failures,” policymakers should listen to what entrepreneurs have to say about their challenges. That input should be used to develop policies that stimulate idea exploration, product development and increased rates of deal flow. Map the ecosystem. Entrepreneurial supporters should create an inventory or graph that indicates who the participants in the ecosystem are and how they are connected. Ecosystem maps can become valuable tools in developing engagement strategies. Think big, start small, move fast. This simple rule, long a guiding principle for entrepreneurial ventures, also holds true for successful entrepreneurial ecosystems. The ecosystem should enable the connectivity needed for early success, and then clear the runway for future growth. Avoid artificially segmenting your community or your strategies. Entrepreneurs and members of entrepreneurial communities are active participants in creating new companies, investing in and/or advising startups, mentoring entrepreneurs and serving as customers of entrepreneurial companies. Expect participants in entrepreneurial ecosystems to play multiple roles, and make the most of their valuable skillsets. Prepare to capitalize on crises. Much like the rotting trunk of a fallen tree feeds the growth of new saplings, economic disruption creates entrepreneurial opportunities. Because disruptions are inevitable in economic and social life, architects of entrepreneurial ecosystems should anticipate them and prepare to make the most of the opportunities they create.