High impact entrepreneurs
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Three key points about high-impact entrepreneurs from the document: 1. A small number of top entrepreneurs have an outsized influence on their local entrepreneurial ecosystem, connecting to the majority of other firms. 2. These influential entrepreneurs often achieve great success in their own companies through outcomes like acquisitions or IPOs. 3. Supporting the growth of high-impact entrepreneurs is important for economic development as only a small number of new large, high-growth companies are needed to increase a country's GDP by 1%.
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High impact entrepreneurs
- 1. HIGH IMPACT ENTREPRENEURS Our economic future is in their hands. December 2012 1
- 5. INTERNAL USE ONLY Top entrepreneurs are consistently influential in each city… Buenos Aires Tech Network Amman Istanbul Tech Network Tech Network
- 6. INTERNAL USE ONLY And, they touch the majority of other firms in the network. Buenos Aires Tech Network Amman Istanbul Tech Network Tech Network
- 7. INTERNAL USE ONLY Sold to Banco Santander for $750M in 2000 The entrepreneurs from the three most influential companies are very successful in their own right. Sold to Fox Entertainment in 2007 for undisclosed price Went public on the NASDAQ in 2007; now valued at more than $4BN
- 8. INTERNAL USE ONLY These entrepreneurs influenced >80% of the other firms in the network, highlight ed here in light orange. Note: Shade of orange in the chart above illustrates the degrees of separation from the top three firms: 1 = 75% shaded and 2 = 50% shaded. Top 3 are 100% orange.
- 9. INTERNAL USE ONLY The growth of this network of entrepreneurs has also drawn other players into the local entrepreneurial ecosystem. NUMBER OF COMPANIES IN THE BUENOS AIRES TECH NETWORK BASED ON YEAR FOUNDED Endeavor First tech First local Google Buenos Aires $100M VC launches in incubator VC firm opens creates a firm Argentina opens launches office Tech District launches Yahoo Two tech Facebook opens incubators opens office office open
- 12. How is this relevant? Can a few high impact entrepreneurs change the world?
- 13. How is this relevant? Can a few high impact entrepreneurs change the world? There are over 65 million registered companies in the world.
- 14. How is this relevant? Can a few high impact entrepreneurs change the world? There are over 65 million registered companies in the world. If each company hired 3 employees, we would solve the world’s current unemployment.
- 15. How is this relevant? Can a few high impact entrepreneurs change the world? There are over 65 million registered companies in the world. If each company hired 3 employees, we would solve the world’s current unemployment. Number of companies by average size 59m # of Firms 6m 200k Micro (Avg 1.39 employees) SMEs (Avg 35 employees) Big (Avg 1,250 employees)
- 16. How is this relevant? Can a few high impact entrepreneurs change the world? There are over 65 million registered companies in the world. If each company hired 3 employees, we would solve the world’s current unemployment. Number of companies by average size 59m Nearly 90 # of Firms percent of all companies in the world have never hired a single 6m 200k individual. Micro (Avg 1.39 employees) SMEs (Avg 35 employees) Big (Avg 1,250 employees)
- 17. How is this relevant? Can a few high impact entrepreneurs change the world? There are over 65 million registered companies in the world. If each company hired 3 employees, we would solve the world’s current unemployment. Number of companies by average size 59m 99.7 percent of all companies in # of Firms the world have on average less than 35 employees. 6m 200k Micro (Avg 1.39 employees) SMEs (Avg 35 employees) Big (Avg 1,250 employees)
- 18. How is this relevant? Can a few high impact entrepreneurs change the world? There are over 65 million registered companies in the world. If each company hired 3 employees, we would solve the world’s current unemployment. Number of companies by average size 59m 200 thousand entrepreneurs # of Firms % of World’s that became BIG 55% have created Revenues most of the 32% wealth and most of the formal jobs. 13% 6m 200k Micro (Avg 1.39 employees) SMEs (Avg 35 employees) Big (Avg 1,250 employees)
- 19. A country will grow only if its companies can grow. Between the US, Spain & Greece, can you guess which country has more registered companies?
- 20. A country will grow only if its companies can grow. Micro companies per million people 73,216 54,607 15,883 USA SPAIN GREECE
- 21. A country will grow only if its companies can grow. Micro companies Large companies per million people per million people 73,216 103 54,607 72 38 15,883 USA SPAIN GREECE USA SPAIN GREECE
- 22. The good news (for Greece & the world) # of NEW large companies required to grow GDP by 1 percent% 475 102 25 Greece Spain USA
- 23. The good news (for Greece & the world) # of NEW large companies required to grow GDP by 1 percent% 475 102 25 Greece Spain USA Bottom line: 1. High Impact Entrepreneurs grow fast and big; and once successful become investors in other ventures.
- 24. The good news (for Greece & the world) # of NEW large companies required to grow GDP by 1 percent% 475 102 25 Greece Spain USA Bottom line: 1. High Impact Entrepreneurs grow fast and big; and once successful become investors in other ventures. 2. There aren’t many high impact entrepreneurs in the world. But the world doesn’t need that many to grow and create jobs.
- 25. The good news (for Greece & the world) # of NEW large companies required to grow GDP by 1 percent% 475 102 25 Greece Spain USA Bottom line: 1. High Impact Entrepreneurs grow fast and big; and once successful become investors in other ventures. 2. There aren’t many high impact entrepreneurs in the world. But the world doesn’t need that many to grow and create jobs. 3. Public policy can’t just buy more of these entrepreneurs. They only appear as a result of successful entrepreneurs, and success takes time.
- 26. The good news (for Greece & the world) # of NEW large companies required to grow GDP by 1 percent% 475 102 25 Greece Spain USA Bottom line: 1. High Impact Entrepreneurs grow fast and big; and once successful become investors in other ventures. 2. There aren’t many high impact entrepreneurs in the world. But the world doesn’t need that many to grow and create jobs. 3. Public policy can’t just buy more of these entrepreneurs. They only appear as a result of successful entrepreneurs, and success takes time.
- 27. INTERNAL USE ONLY Lessons for building a high-impact entrepreneurial ecosystem: Entrepreneur-led ecosystem development works best. Governments, accelerators, investment firms, service providers and multinational firms play important support roles, but ecosystem development must follow the lead of established entrepreneurs. It takes more than just start-ups. Successful high-impact entrepreneurs, who “pay-it-forward” by supporting and inspiring the next generation of entrepreneurs, are required. A small number of high-impact entrepreneurs turn out to be especially critical. Entrepreneurs at the top three most influential companies touched 60%+ of the other companies in the sector. Entrepreneurs who have successful exits should be encouraged to become active angel investors and/or VCs. Local entrepreneurs who’ve “been there before” can offer the smartest capital to high-potential and attract high-quality partners from outside the region.
Editor's Notes
- Thanks.Forthelast 14 yearsIvebeenveryluckytohave a dreamjob. Everyday I gettomeetthegreatestentrepreneurs, venturecapitalists, mentors and businessserviceproviderswho are creatingwealth, distributingthatwealthbycreatingjobs, hiringsuppliers, payingtaxes,reinvestying in theirfirms and more importantlythey are creating a thrivingentrepreneurialecosytem in theircities and countries. Itis a greatjobthat I have. I lovemondays. In this time period I havealsolearnedaboutthewaysuccesfulentrepreneursachievehighimpact. Wetendtobeleivethat a typicalforprofitentrepreneurwhoissuccessful has a limitedimpactcomparedforexampleto a “social entrepreneur” becausethenumber of livestouched and changed. Howeversuccesfulentrepreneurs do notachievehighimpactthroughtheirownventures (some do, likeFacebookorSappleor Microsoft orWalmart), butmost do achievehighimpactafterthey’vebecomesuccesful. Theirsuccessgivesentrpepreneursthecredibility and resourcesnecesarytobecomementors and investors in otherentrepreneurs, thuscreatinganentrepreneurialecosystemthatgrowsexponentially.
- These are Nerds.Does anyone recognize this photo?This is a photo of the founding team of Microsoft, taken in 1978.That’s Bill Gates on the lower left.Would any of you have funded this team?
- One of the best known examples of this is the so-called ‘PayPal Mafia’ from Silicon Valley.The top two rows and the gentleman on the right represent the founders and senior leadership at PayPal. The bottom three were employees: 2 engineers and 1 designer – Steve, Chad, and Jawed.They went on to start YouTube, with funding from the former CFO of their former company.Jeremy Stoppelman, VP of Technology at PayPal went on to start Yelp, an online guide to shops & services based on user-reviews.He received funding from two of PayPal’s co-founders.Reid Hoffman – Executive VP of PayPal – went on to start LinkedIn, a career-oriented social networking site, which I’m sure most of you are members of.He got started with LinkedIn with seed money from PayPal co-founder & CEO, Peter Thiel.As you can see, successful entrepreneurs started new companies, became angel investors who shared their networks and attracted more people into this space…