Navigating the Entrepreneurship Ecosystem (Vlog)
| Navigating the Entrepreneurship Ecosystem (Vlog) | |
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Abstract
A Vlog Script (and/or conversationally-toned blog post) describing the basics of an entrepreneurship ecosystem.
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So you want to go from being a "wantrepreneur" to an "entrepreneur?" Your first step is to navigate what is called the entrepreneurship ecosystem. In the high-tech, high-growth small business environment which according to the Kaufman Foundation accounts for up to 50% of new jobs created, there are a variety of steps along the way to nation-wide success. Once you've got your idea, your business plan, and a rough vision for the future, the next step is to secure some starting capital. Most entrepreneurs these days, as reported by Forbes, tend to initially fund their projects themselves. In a practice known as self-funding or bootstrapping, often times the first step in acquiring capital involves devoting some of your own funds to your firm.
At this initial stage, it may be helpful for you to seek partnership with an entrepreneurship institution, the three most common being accelerators, incubators, and hubs. These three types of institutions, as defined following by [research http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2518668] from MIT, the National Bureau of Economic Research, and Rice University, are critical components of the entrepreneurship ecosystem and a viable next step for any early entrepreneur. Accelerators are "fixed-term, cohort-based programs including mentorship and educational components, that culminate in a public pitch event, often referred to as ‘demo-day’.” The mission of an accelerator, often a non-profit entity, is to provide early stage start-ups with resources, mentorship, and networking needed to gain access to venture capital funding. On average, cohorts stay with an accelerator for 3 months cumulating with a pitch to several venture capital investors.
Incubators “shelter vulnerable nascent businesses, allowing them to be stronger to become independent," and they serve as a temporary space for start-ups to develop in their early stages. Unlike accelerators, there is no formal curriculum, cohorts, or duration of stay. Residents of incubators pay fees for both rent and services, and are not offered the breadth of resources found in an accelerator. Hubs, also known as tech hubs or startup hubs, are entities that serve as an intersection between incubators, accelerators, and co-working spaces to foster an entrepreneurial ecosystem and environment. Hubs serve as leaders in their local entrepreneurial communities, enabling entrepreneurs through a wide variety of programming, events, and benefits.
If your business has survived this far, and grown thanks to either an accelerator, incubator, or hub, chances are your company needs to expand beyond the limits of "boot-strapping" and self-funding. There are a couple of capital dispensing players in the entrepreneurship ecosystem that you could turn to.
References
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