High impact entrepreneurs
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High-impact entrepreneurs can significantly influence economic growth even though they are few in number. The document discusses three high-impact entrepreneurs from Buenos Aires who founded companies that went on to be very successful on their own, influencing over 60% of other companies in their sector network. While there are over 65 million registered companies worldwide, only 200,000 "big" companies that hired more than 35 employees on average have generated most wealth and formal jobs. A small number of high-impact entrepreneurs in a country are critical to economic growth, as Greece only needs 25 new large companies to grow its GDP by 1% compared to the US needing 475.
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High impact entrepreneurs
- 1. 1December 2012 HIGH IMPACT ENTREPRENEURS Our economic future is in their hands.
- 5. Buenos Aires Tech Network Amman Tech Network Istanbul Tech Network Top entrepreneurs are consistently influential in each city… INTERNAL USE ONLY
- 6. Buenos Aires Tech Network Amman Tech Network Istanbul Tech Network And, they touch the majority of other firms in the network. INTERNAL USE ONLY
- 7. Sold to Banco Santander for $750M in 2000 Sold to Fox Entertainment in 2007 for undisclosed price Went public on the NASDAQ in 2007; now valued at more than $4BN The entrepreneurs from the three most influential companies are very successful in their own right. INTERNAL USE ONLY
- 8. 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. These entrepreneurs influenced >80% of the other firms in the network, highlight ed here in light orange. INTERNAL USE ONLY
- 9. First tech incubator opens First local VC firm launches Google opens office Yahoo opens office Buenos Aires creates a Tech District $100M VC firm launches Two tech incubators open Facebook opens office 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 launches in Argentina INTERNAL USE ONLY
- 12. How is this relevant? Can a few high impact entrepreneurs change the world?
- 13. There are over 65 million registered companies in the world. Can a few high impact entrepreneurs change the world? How is this relevant?
- 14. 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. How is this relevant?
- 15. 59m 6m 200k Micro (Avg 1.39 employees) SMEs (Avg 35 employees) Big (Avg 1,250 employees) #ofFirms Number of companies by average size 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. How is this relevant?
- 16. 59m 6m 200k Micro (Avg 1.39 employees) SMEs (Avg 35 employees) Big (Avg 1,250 employees) #ofFirms Number of companies by average size 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. Nearly 90 percent of all companies in the world have never hired a single individual. How is this relevant?
- 17. 59m 6m 200k Micro (Avg 1.39 employees) SMEs (Avg 35 employees) Big (Avg 1,250 employees) #ofFirms Number of companies by average size There are over 65 million registered companies in the world. If each company hired 3 employees, we would solve the world’s current unemployment. 99.7 percent of all companies in the world have on average less than 35 employees. Can a few high impact entrepreneurs change the world? How is this relevant?
- 18. 59m 6m 200k Micro (Avg 1.39 employees) SMEs (Avg 35 employees) Big (Avg 1,250 employees) #ofFirms Number of companies by average size 13% 32% 55% %ofWorld’s Revenues 200 thousand entrepreneurs that became BIG have created most of the wealth and most of the formal jobs. There are over 65 million registered companies in the world. If each company hired 3 employees, we would solve the world’s current unemployment. Can a few high impact entrepreneurs change the world? How is this relevant?
- 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. 15,883 54,607 73,216 USA SPAIN GREECE Micro companies per million people A country will grow only if its companies can grow.
- 21. 15,883 54,607 73,216 USA SPAIN GREECE Micro companies per million people 103 72 38 USA SPAIN GREECE Large companies per million people A country will grow only if its companies can grow.
- 22. 25 102 475 Greece Spain USA # of NEW large companies required to grow GDP by 1 percent% The good news (for Greece & the world)
- 23. 25 102 475 Greece Spain USA # of NEW large companies required to grow GDP by 1 percent% Bottom line: 1. High Impact Entrepreneurs grow fast and big; and once successful become investors in other ventures. The good news (for Greece & the world)
- 24. 25 102 475 Greece Spain USA # of NEW large companies required to grow GDP by 1 percent% 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. The good news (for Greece & the world)
- 25. 25 102 475 Greece Spain USA # of NEW large companies required to grow GDP by 1 percent% 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. The good news (for Greece & the world)
- 26. 25 102 475 Greece Spain USA # of NEW large companies required to grow GDP by 1 percent% 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. The good news (for Greece & the world)
- 27. 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. INTERNAL USE ONLY
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…