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BUILDING AN ENTREPRENEURIAL ECOSYSTEM THE NASHVILLE STORY
10.28.16
Dr. Michael Burcham
ABOUT | NASHVILLE
2016
Fast Company | Top 3 Cities in America for StartupsInc | 10 Best Paces to Start a BusinessEntrepreneur Magazine | Hottest Startup CityForbes | Best Places for Business & CareersGlassdoor.com | Top 25 City for Jobs
Organize | Create the “Front Door”BUILDING NASHVILLE’S ENTREPRENEURIAL ECOSYSTEM
We have established the Nashville Entrepreneur Center as the city’s “Front Door” for Startup and Entrepreneurial Activity:
- We have launched just over 100 new businesses in 48 months- They employ over 1,200 people and provide nearly $100M USD in economic impact
We have focused our entrepreneurial efforts around the categories that represent both our large businesses and our investment community
FOCUS | LEVERAGING NASHVILLE’S CORE ASSETS
OUR GOAL: To help early stage entrepreneurs develop their businesses.
• Ideas are Cheap | The Best Ones are Worth About $20. Don’t obsess over the idea.
• Most Entrepreneurial Leaders Were Not the “Idea” Person on the Team. They are the ones who Do something with ideas.
• Having an Entrepreneurial Mindset is a Learned Behavior - and the more you practice it, the better you get.
• The Business Model Matters a Lot!• Execution Matters Even More• Money Follows GREAT Execution• The Glue within the Ecosystem is more important than the Entities
MY BIASTHINGS WE’VE LEARNED | INSIGHTS
THE DYSFUNCTIONTHESE FUNCTIONS NEED TO BE CONNECT TO A PURPOSE
Mentoring GovernmentSupport
Think of the Entrepreneurial Ecosystem as providing fertile soil and a climate in which to seed, nurture and grow new businesses.
The enablers…
• Venture Creators• Mentors & Advisors • University Partnerships and Programs• Support Organizations (Legal, Accounting, Technology)• Labor Markets• Investors• Government • Large Businesses
These are all more effective when they are networked to encourage intellectual, financial and human capital to flow to enterprises at every phase of the startup journey.
Ecosystem Assessment | Key Ingredients for Success
ECOSYSTEMASSESSMENT
1.Economic & Community Development | Planning via Entrepreneurial Goals
ECD STRATEGY
2.Partners, Businesses, Investors, Universities & Government | Engagement in the Plan
STAKEHOLDER ENGAGEMENT
3.Set Phased Priorities | Should Be Based Upon Findings and Funding of 1, 2 and 3
PRIORITY PLANNING
4.Do The Right Things | Do Things Right | Execute
LAUNCH ANDEXECUTION
5.Mentoring, Training, Capital Continuum | Founder to CEO
BEST-IN-CLASSPROGRAMMING
6.Celebrate | Build on What Works
BUILD ON SUCCESS
7.
ECOSYSTEM DEVELOPMENT | STEPS
FOMOFear of Missing Out
Y
U
A
M
C
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ECOSYSTEM DEVELOPMENT | ROLES IN SYSTEM
• Become 1st Customers of Startups• Coach in Entrepreneurial Mindset• Outsourced R&D Concepts• Skunkworks & Private Accelerators
• Creation of New Businesses• Growth of Existing Businesses• Support New Entrepreneurs• Design of New Business Models
• Encourage Creativity• Development of the Future Workforce• Create an Entrepreneurial Mindset• Teach Coding
Youth Engagement | Basic Tools, Coding Workshops, Creative Problem Solving
Programming | Immersion & Experiential Learning, Live Case Study, Business Tools
Accelerators | Screening Methods, Mentoring, Biz Modeling, Idea to Launch
Mentoring & Coaching | CEO Development, Business Modeling, Growth Tools
Corporations | Entrepreneurial Mindset Training, Innovation, Skunkworks, Partnerships
Government | Business Friendly Environment, Support, Cultural Mindset
Align Your Vision for Success
Ensure the definitions of success match. Choose core measures.
Secure Business & Stakeholder Support
Identify who is committed to help create success.
Connect to Capital - Build Funding Pipeline
Connect to Sources of Capital in the Public and Private Sector.
Leverage Resources to Drive Opportunities
Leverage resources to help create wins with investable stories.
Organize Your Community “Front Door”
Build partnerships: Entrepreneurs, Mentors, Investors, Biz Partners
1 2 3
4 5
STEPS IN BUILDING A SUSTAINABLEENTREPRENEURIAL ECOSYSTEM
OUR LESSONS LEARNEDWHAT HAS HELPED CREATE OUR SUCCESS?
BusinessesMust Be Engaged
It’s not about the building – it’s business helping startups build their team, test business models, capture market & raise capital
Seed & Angel Capital is Required
Early stage capital is essential to create prototypes and build out technologies. The best startups go to the sources of capital.
Execution, Not Ideas Create Value
Ideas are nice, but there’s no market for them. Transforming an idea into a business requires execution skill.
1. 2. 3. The Ecosystem Matters – a LOT
The combination of the creative talent, seasoned entrepreneurs, business support, programmers & investors – they’re all essential.
4.
CONTACT INFORMATION
Dr. Michael R. Burcham
c. 615.400.7662e. [email protected]. www.michaelburcham.comt. www.twitter.com/michaelrburchaml. www.linkedin.com/in/michaelburcham
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