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What are the most important metrics for evaluating the vitality of a startup ecosystem?
Build a growing pool of innovative founders. Communities committed to high-impact entrepreneurship recognize the fundamental importance of this. The number of locally active entrepreneurs and their ventures can have a dramatic economic impact. How can the community increase the number of entrepreneurs?
First, we need to start sowing the seeds with future generations to think of entrepreneurship as a potential career path. In addition to teaching students about career opportunities in established industries such as healthcare and manufacturing, communities should present students with different paths to becoming business founders. This strategy is especially important in communities not known for entrepreneurial success. In communities, it is not the cultural norm to launch and start your own business. I was exposed to entrepreneurship early in life through two friends of hers whose families run their own companies. As a result, I came to see the advantages and disadvantages of starting and running a company. It affected my entire career.
Second, the community should work to raise awareness of entrepreneurship within the workforce of the region’s largest employers. In many cases, employees of large companies are aware of market opportunities that employers do not recognize or choose to pursue. This allows employees to start new companies that solve problems, but often lack the experience and knowledge of how to do so. Providing support resources and informing them of the success of local startups will prove critical in fostering more founders from within the established industry.
Finally, the most effective way to build an entrepreneurial pool is to help existing startups attract the staff talent they need. It is this pool of talent working in early-stage companies that has proven to be the most fruitful source for future entrepreneurs, as evidenced by Silicon Valley’s ‘PayPal Mafia’. This group were all members of his early team at PayPal, which launched other big names like LinkedIn and YouTube. By helping existing founders attract talent, the community not only helps current ventures succeed, but also recruits future entrepreneurial talent and provides paid training for launching and scaling businesses. provide.
Ultimately, it’s all about attracting, supporting, and retaining innovative entrepreneurs who disrupt today’s industry with tomorrow’s ideas. New Year. What better time to grow the pool of entrepreneurs in your community?
– John Moore is a principal at Momenteum Strategies, an upstate-based consulting firm that specializes in building thriving and impactful innovation ecosystems for communities and their economic development organizations.
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