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Entrepreneurial Ecosystems
Tracy KittsDecember 15, 2016
The International Economic Development Council
Does entrepreneurship matter?
70% correlation between entrepreneurial activity and economic growthHigh levels of entrepreneurship = above average economic growthHigh levels of entrepreneurship = stronger more competitive economies
Global Entrepreneurship Monitor, “The Case for Entrepreneurship”, June 2003 2
Entrepreneurship…Creates jobs from “within”Creates a locally-owned economic baseDiversifies your local/regional economyAttracts outside investmentCreates a network of high-worth individualsPrompts social change
Rural startups MUST sell outside the region
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The entrepreneurial ecosystem
Markets/Customers/
PartnersTechnical SupportCapitalCultureTalentAcademic InstitutionsPolicy
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What entrepreneurs need
Mentoring/adviceNetwork/linkages/connectionsAccess to markets/customersAccess to capitalInformation/educationCommunity support of calculated risk taking
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Needed ecosystem partnersENTREPRENEURS! (those willing to risk)Universities/colleges/high schoolsTechnical assistance providersLocal/regional banksAngel investorsProfessional services (legal, accounting, etc.)A CONVENER A place to convene
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Discussion – Partners?ENTREPRENEURS! (those willing to risk)Universities/colleges/ high schoolsTechnical assistance providersLocal/regional banksAngel investorsProfessional services (legal, accounting, etc.)A CONVENER A place to convene
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SOARKentuckyWiredKentucky Infrastructure AuthorityEKCEPKVECSKEDMACEDKentucky HighlandsFederal Partners – ARC, etc.Private Sector Partners
Place or Program?
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.
Entrepreneurial support platforms
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
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Places without programs don’t
work.
Tips for creating the ecosystem
Favor incumbents lessTalk to entrepreneurs and listenMap the ecosystemBeware artificially segmenting your community/strategyCapitalize on crisis
“Enabling Entrepreneurial Ecosystems” by Philip Auerswald, 2015 11
Athens, Ohio…an exampleACEnetOhio University Innovation CenterTechGrowthA community that talks about entrepreneurship!Successes – Diagnostic Hybrids, Ed Map, Third Sun, Frog Ranch, Milos, Jackie O’s…and many more
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Challenges. Entrepreneurship …
Is a “slow slog”Needs community championsNeeds great partnersRequires community members to take risks
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New opportunities in rural areas
The Internet and High-Speed AccessoAccess to informationoAccess to customersoGlobal communicationoCreation of identifiable niche marketsFast ShippingoAccess to global suppliersoAbility to ship products anywhere … FAST!
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