Recipes for Creating Entrepreneurial Growth: It s more than the Ingredients

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1 Recipes for Creating Entrepreneurial Growth: It s more than the Ingredients Yas Motoyama and Jason Wiens Ewing Marion Kauffman Foundation National Governor s Association May 8,

2 Importance of Entrepreneurship Entrepreneurship small businesses Entrepreneurship ecosystem Innovation ecosystem Entrepreneurship ecosystem Industrial clusters

3 Continuing Decline of New Firm Formation , , , , , , Number of Startups (right axis) Per 100,000 Prime Age (25-54) (left axis)

4 Conventional Elements of the Ecosystem 1) Startup firms / spin-offs 2) Talent / skilled labor 3) University & research 4) Finance / risk capital 5) Incubators 6) Core customers 7) Social capital / culture

5

6 Does injecting a missing element help? o Such as establishing venture funds or incubators Is imitating fully developed ecosystem good for you? o Silicon Valley with decades of experiments (Saxenian 1994; Lecuyer 2006) Should all ecosystems look alike?

7 Myth Element 1: Finance Failure of private venture funds o 80% of VCs unable to return 3% / year VC induces growth or firm growth induces VC invest? Alternative methods of finance o Bootstrapping Source Count Share Personal savings % Bank loans % Credit card % Family % Business acquaintances % Angels investors % Close friends % Venture capitalists % Government grants % Have not used finance % Inc companies (n=479)

8 Myth Element 2: Incubators / Accelerators Failure of incubators (Amezcua 2010) o Likely prolonging dying firms Accelerators? o Competitive application process o Pre-seed investment, with equity exchange o Create a cohort of entrepreneurs, and focus on teams o Connect to mentors No evaluation research yet o Outliers (Y-Combinator, TechStars) o What happens after being funded?

9 Myth Element 3: University University research, government R&D funding o Little correlations with startup or high-growth firm ratios o % college graduate is correlated AUTM Survey: spin-offs / year o = firms per major research university o With mean $329 mil STEM expenditure per university

10 The Baseline Strategy Increase the connectivity between: 1) Entrepreneurs, support organizations & mentors 2) Focus on individual and organizational connections o To promote learning between entrepreneurs Not about scientific knowledge or through business courses But about how to run a business Create the flows of entrepreneurs, people, and region

11 Reorganizing Public Venture Funds? Failure due to politics (Lerner 2002, 2009) Use it as a mean, not an end o (eg.) Arch Grants in St. Louis, Launch KC o Distribute small prizes ($50K) to startups o Inspire and create a cohort of entrepreneurs o Integrate to local support groups

12 How to Jumpstart New Business Creation Let Entrepreneurs In Let Entrepreneurs Compete

13 Let Entrepreneurs In: Occupational Licensing

14 Let Entrepreneurs In: Occupational Licensing In many fields, advances have resulted from the very crackpots, quacks, and outsiders who have no standing in the profession and whom licensing seeks to eliminate. S. David Young

15 Let Entrepreneurs In: Occupational Licensing In many fields, advances have resulted from the very crackpots, quacks, and outsiders who have no standing in the profession and whom licensing seeks to eliminate. S. David Young Alternatives to licensing: 1. Certification Examples: car mechanic and hotel manager 2. Registration Examples: radiologic technologists and lobbyists

16 Let Entrepreneurs In: Welcome Immigrants

17 Let Entrepreneurs Compete: Non-Compete Agreements Credit: Duane Hoffmann

18 Let Entrepreneurs Compete: Non-Compete Agreements Disclose Earlier Shorten the Duration Narrow the Scope

19 Let Entrepreneurs Compete: Tax Incentives

20 Technology Transfer Challenges Role of Universities Beyond Tech Transfer & Commercialization

21 Role of Universities Technology Transfer Challenges Publication to tenure vs starting a company Maximize revenue vs make technology available to startups Beyond Tech Transfer & Commercialization

22 Role of Universities Technology Transfer Challenges Publication to tenure vs starting a company Maximize revenue vs make technology available to startups Beyond Tech Transfer & Commercialization Educate & inspire students to become next generation of entrepreneurs and those who work at startups Connect students to local startups (human transfer vs technology transfer)

23 Access to Capital

24 Entrepreneurial Ecosystems

25 Indicators of Entrepreneurial Vibrancy Density Fluidity Connectivity Diversity Measuring the Impact What & How?

26 Measuring the Impact What & How? Indicators of Entrepreneurial Vibrancy Density New and young firms per 1,000 people Share of employment in new and young firms Sector density Fluidity Population flux in & out migration Labor market reallocation Number & density of high-growth firms

27 Indicators of Entrepreneurial Vibrancy Connectivity Between programs & resources Spinoff rate Dealmaker networks Diversity Multiple economic specializations Immigrant share of population Economic mobility Measuring the Impact What & How?

28 Thank You Yas Motoyama, Ph.D. Director of Research & Policy Jason Wiens Policy

29 Employment in Young Firms

30 Declining Entrepreneurship 500 Age 0 and Size < 500 Firms per 100,000 residents by State

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