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Study undertaken by INNOVATHLON Consulting 100 interviews 3 months in Europe & North America
Vincent [email protected]+33 6 83 32 96 94
innovathlon9 Rue André Darbon33000 Bordeaux, France
Cont
aCt
EntREPREnEURIaL ECoSYStEMSat tHE DIGItaL aGE
March 2013
High Growth Companies are easily scalable: they employ a numerous workforce and have a broad geographical reach. They attract venture capital and constitute the shining part of the ecosystem.
Local Companies are not scalable but still profitable. They are much more deeply locally rooted and contribute significantly to the success of the former, through their velocity and their expertize.
Investors Service Providers Large companies Associations Public Organizations
ECOSYSTEM FEEDERS
2 types of companies
EntREPREnEURIaL ECoSYStEM:tHE PILLaRS
StartUp WeekEnds, Digital Festivals, MeetUps, meetings… all events contribute to keep the ecosystem running, to shed a light on what happens. They have a profound impact on the ecosystem since they create opportunities for meeting people.
GaTHERinG pEOpLE
Maximizing ideas sharing. Transferring pieces of information, best practices, ideas within and in between companies. Fostering workforce turnover and building upon creation-destruction-reconfiguration cycles of companies.
SpREaDinG iDEaS
HUMan RESOURCES Entrepreneurs Talented workforce
2 behaviors to foster
inFRaSTRUCTURES Real Estate Transportation Telecom
UniVERSiTiES & LaBS Academics & Scientists Students & Graduates Intellectual Property (IP)
1
aTTiTUDEentrepreneurs give first
before taking
COLLaBORaTiOnbeing partners
rather than competitors
An entrepreneurial ecosystem should be : Entrepreneur driven Long term committed (20+ years) Inclusive to anyone who wants
to contribute
KEY SUCCESS FaCTORS
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Sour
ce: S
tartU
p Ec
osys
tem
Rep
ort 2
012,
tele
foni
ca.
Number of inhabitants
Digital ecosystems ranked by increasing dynamics
Silicon Valley
Tel Aviv
Los Angeles
Seattle
New
York City
Boston
London
Toronto
Vancouver
Chicago
Paris
Sydney
Sao Paulo
Moscow
Berlin
Singapore
Melbourne
Bangalore
Santiago
DIGItaL ECoSYStEMSat GLobaL SCaLE
iDEa WORTH SpREaDinGThe entrepreneurial ecosystem dynamics does
not depend on the number of inhabitants but on the entrepreneurial density.
An initiative led by entrepreneurs for entrepreneurs. This place inherits from two symbols: it is named 1871 after the entrepreneurial rebirth of Chicago following the great fire of 1871; it is located in the Merchandise Mart, the heart of Chicago’s trade economy.
square feet of open space located in the very center of Chicago.
people working with passion on a daily basis.
StartUps hosted there 9 months after the launch of 1871.com
Venture Capital Companies having an office on site.
Universities fostering ideas sharing between, entreprenerus, academics and students.
StartUps Accelerators : TechStars for high growth companies and SocialEngine for social businesses.
Big coworking space split into two parts: open and private.
50,000
250+750
5
4
2
1
IntEGRatED ECoSYStEM: tHE ExaMPLE of CHICaGo
EntR
EPRE
nEUR
IaL EC
oSYS
tEM
at tH
E DIG
ItaL a
GES
tudy
by
INN
OVA
THLO
N C
onsu
lting
- 20
13
Financial capital is a scarce resource. Having access to it is difficult, everywhere, even in the Silicon Valley where there is a fierce competition between StartUps.
New sources for raising financial capital: Crowdfunding platforms for small equity investments; Prefinancing platforms such as KickStarter where customers
pay before having their service or product been produced.
For more than 7 years companies have been committed to the acceleration of StartUps development. TechStars and Y-Combinator are forefront examples of such companies built by entrepreneurs for entrepreneurs:
pitchStartUps explain their unique solution to a «burning need», burning enough to create value, and seek for investors to scale it more broadly.
The force behind Accelerators: human capital injection leverages
the financial investment.500 investors gathered for the DemoDay
inVESTinG SMaLL MOnEY1 competition every 6 months1 to 5% of teams selected$25k to $50k invested for 5 to 15% equity
inJECTinG HUMan CapiTaLAccelerators’ ManagersNetwork of Mentors
inVESTinG BiG MOnEYDemoDay and Pitch
Starting a business in the web or digital sector requires a much lower amount of seed-investment than in the past. This is the context of Lean StartUp:
Switchpitch®
Large companies explain the (non core business) need they would like StartUps to fix. They then enter into long-term commercial relationships.
Identify a “burning need” Build in short runs with existing
and accessible technologies Launch a Minimum Viable Product (MVP)
Measure the impact on Users Analyze impacts’ data
Refine by iterations
nEW SoURCESof fInanCIaL CaPItaL
StaRtUPS aCCELERatoRSanD tHE HUMan CaPItaL LEVERaGE
StaRtInG a bUSInESSat tHE LEan StaRtUP ERa
attRaCtInG InVEStoRSDURInG bEaUtY ContEStS
$$$
build
measure
refine
MVP
Customers
Fund raising for local companies
Fund raising for high growth companies
Venture Capital
Crowdfunding
Business Angels
Data
IDEa
Prod
uct P
re-Financing Equity Investment
EntR
EPRE
nEUR
IaL EC
oSYS
tEM
at tH
E DIG
ItaL a
GES
tudy
by
INN
OVA
THLO
N C
onsu
lting
- 20
13