Click to edit Master title style Beyond Collisions: How to Build Your Entrepreneurial Infrastructure hello@joinsourcelink.com 844-804-8775 Copyright Curators of the University of Missouri on behalf of SourceLink
Click to edit Master title style Practical, tactical steps to connect, empower and measure your entrepreneurial infrastructure. Actionable strategies around marketing, funding and leadership. Copyright Curators of the University of Missouri on behalf of SourceLink
Click AGENDA to edit Master title style WHY ENTREPRENEURSHIP? HOW TO BUILD AN ENTREPRENEURIAL INFRASTRUCTURE WHAT S HAPPENING IN CALIFORNIA
Click to edit Master title style WHY ENTREPRENEURSHIP?
Click to edit Master title style New and young firms have been net new job creators for 25 years EMPLOYMENT GROWTH
Click STARTUP to edit Master ENTREPRENEURS title style CREATE JOBS In Kansas City, entrepreneurs create 16,000+ jobs each year Source: We Create Jobs, KCSourceLink 2017
IT Click TAKES to edit ALL Master TYPES title OF style ENTREPRENEURS 76% Microenterprises 22% Main Street 1% Innovation-Led 1% Second Stage *Nationally based on companies with fewer than 100 employees
Click to edit Master title style BUILDING INFRASTRUCTURE
ECODEV Click to edit INFRASTRUCTURE Master title style ATTRACTION CREATION RETENTION
WHAT Click to IS edit AN Master ECOSYSTEM? title style PROGRAM CENTERED COMMUNITY CENTERED Mentors Investors Partners Funders Corporate
Click BUILDING to edit Master INFRASTRUCTURE title style FOR ENTREPRENEURS Identify the entrepreneurial resources in your community and make them visible Connect your community through a central hub Empower your ecosystem by engaging, listening, responding and collaborating to solve problems and fill gaps Measure your impact, based on your entrepreneurial ecosystem s stage of development
EVERY Click to IDENTIFY REGION edit Master HAS title RESOURCES style THAT SUPPORT ENTREPRENEURSHIP Investment in resources comes from a variety of sources and it can be significant. To the funder the resources are underutilized To the entrepreneur they are unknown, fragmented or missing To the resource provider they are underfunded Building an ecosystem fixes these issues.
THIS Click MAY to edit EXIST Master IN YOUR title style REGION CAN YOU SEE IT? Source: KCSourceLink
Click to IDENTIFY edit Master title style Amy Kuhlers, IASourceLink
Click to edit Master title style CONNECT Talent Entrepreneurs Networks Technical Assistance Physical Resources Technology Investors Mentors Source: KCSourceLink
Click to edit Master title style CONNECT Steve Massa, Riverside, CA
Click to edit Master title style EMPOWER THE NETWORK Don t Build a Directory Build a Network
Click to edit Master title style EMPOWER Conaway Haskins, Virginia Tech
NETWORK BUILDING Click to edit Master title style Central hotline to connect entrepreneurs to resources Resource Partner meetings and events to - identify gaps - collaborate for funding - maximize support for entrepreneurs - leverage existing, rather than recreating, resources Community events to optimize collisions - Startup Weekends - Startup Weeks - 1 Million Cups Structured ecosystem marketing to raise visibility
Click to edit Master title style Data driven decisions Fill gaps Drive investment into entrepreneurial infrastructure Streamline systems Reduce duplication Amplify the message EMPOWER THE NETWORK
WHEN Click to YOU edit ACTIVATE Master title A NETWORK style Grow North Minnesota enables food and ag entrepreneurs to scale their businesses faster. Albuquerque s Molino Project conducted an assetsopportunities-gaps analysis, building coalitions and community support. WhiteBoard2Boardroom curates innovations from 21 research institutions corporations, universities and small businesses and matches them with entrepreneurs who have the expertise to commercialize them. IDENTIFY RESOURCES Created a central hub to drive connections to resources. CONDUCT GAP ANALYSIS Focused efforts on traditionally underserved entrepreneurs to build a platform that meets them where they are and provides one-on-one assistance. FORGE PARTNERSHIPS BETWEEN RESEARCHERS AND ENTREPRENEURS 29 new startups $15.9MM in follow-on funding EyeVerify exit at $100+MM
WHEN Click to YOU edit ACTIVATE Master title A NETWORK style Digital Sandbox provides innovators with proof-of-concept resources to support early-stage commercialization processes. KCSourceLink monitors and measures the entrepreneurship in Kansas City. LA Urban League provides technical assistance to business owners through the Crenshaw/LAX Transit Project Pilot Business Solution Center. FORGE PARTNERSHIPS WITH CORPORATIONS - 90 proof-of-concept projects (funded at < $25k) - $43MM in follow-on funding - 540 new jobs in 4 years IMPROVE ACCESS TO CAPITAL Improved visibility of icapital by 290% in 18 months. MEASURE Tracked businesses impacted by construction of Crenshaw/LAX Transit Projects.
WHEN Click to YOU edit ACTIVATE Master title A NETWORK style NetWork Kansas With more than 500 network partners, has the scale to launch programs that go from state or federal level to the local level very quickly. Baltimore SourceLink operates a one-stop shop for entrepreneurs including a hotline. IASourceLink Provides a one-stop shop, positioning IDEA as a hub for entrepreneurial support. LEVERAGED NETWORK Launched StartUp Kansas loan fund, built E-Communities structure & leveraged SSBCI funds $19MM in NetWork Kansas investment leveraged $268MM in private funds. BETTER ACCESS TO LICENSE AND PERMITTING Hotline calls and requests for assistance highlighted need for better information. BETTER ACCESS TO LICENSE AND PERMITTING Business License Information Center, a searchable business library includes requirements of all 436 state licenses
Click to MEASURE edit Master title style Steve Radley, NetWork Kansas
AT A PROGRAM LEVEL Click to edit Master title style CUSTOMER BASE: B2B vs B2C DEMOGRAPHICS Both 11% Previous experience in industry 77% B2C 22% B2B 67% Members of founding team: Teams with veterans 5% Teams with people of color 22% Teams with women 34% Engage in other ecosystem support 74% PRODUCT DEVELOPMENT EDUCATION ATTAINMENT 55 Products Launched PhD/MD 17% Some College 10% 38 Patent Applications 6 Patents issued Graduat e Degree 37% Bachelor 's 36%
Source: IASourceLink Click to edit Master title style EARLY MEASURES Number of Partners Network Access Web Visits Hotline Calls Resource Navigator Searches Network Strength Partners Calendar Events Satisfaction Survey Results Network Reach Friends and Followers Sources of Traffic
Click to edit Master title style MEASURING AN ECOSYSTEM ACCESS TO CAPITAL CONNECTIVITY OF RESOURCES DEMOGRAPHICS AND DENSITY PIPELINE OF INNOVATION Source: KCSourceLink
AT Click THE to COMMUNITY edit Master title LEVEL style What do you want to change in your community?
HOW Click DO to edit I ENGAGE Master IN title THE style ENTREPRENEUR ECOSYSTEM? Understand and build relationships with existing entrepreneurship support providers in your area Seek to collaborate rather than duplicate when developing your services and programs Determine your sweet spot in the ecosystem and develop an expertise in that area Create clear and focused measurements that indicate you are truly creating and supporting entrepreneurs Become a champion of entrepreneurship as a tool Source: Dell Gines, Federal Reserve Bank Kansas City
I Click ONLY to HAVE edit Master AN HOUR title A style WEEK. WHAT CAN I DO? Know your resources be prepared to make a referral Keep your community s startup up process in your back pocket; give it to someone who needs it Improve someone s social network; introduce them to a customer, investor or mentor Attend a meetup; sponsor it; convene it Celebrate an entrepreneur in your communications
Click to edit Master title style Questions? /joinsourcelink Maria Meyers, Founder, SourceLink @mariaemeyers mmeyers@joinsourcelink.com www.joinsourcelink.com
Click TRENDS: to edit WORKFORCE Master title style 2,500 1 million Coworking spaces open weekly worldwide Coworking members estimated by 2018 65 million Freelancers will be in the workforce by 2020 40% of the workforce by 2020 will be made up of contingent employees Sources [1] LinkedIn Pulse, Why You Might Not Like Working From Home [2] Intuit, Intuit 2020 Report [3] Small Business Labs, Coworking Forecast: 1 Million Coworkers in 2018 [4] Deskmag.com, 4.5 New Coworking Spaces Per Work Day http://www8.hp.com/us/en/technologyatwork/the-rise-of-coworking-spaces.html?flexfield10=041603
Click TRENDS: to edit Master title style ENTREPRENEURSHIP IS A FIELD In 1985, there were about 250 courses offered in entrepreneurship at college campuses across the nation. In 2008, that number was 5,000. Kauffman Foundation 5,000 courses in entrepreneurship 45% of 2010 2013 B-school grads started businesses directly after finishing. Fortune.com 45% B-school grads started businesses
MEGA TRENDS IN ENTREPENEURSHIP Click to edit Master title style NEW DEMOGRAPHICS OF ENTREPRENEURSHIP: The U.S. is becoming more racially diverse, but entrepreneurs do not reflect the changing population. 80.2% white 64.5% male NEW MAP OF ENTREPRENEURSHIP: Entrepreneurship is an increasingly urban phenomenon and is taking place outside traditional hubs. NEW NATURE OF ENTREPRENEURSHIP: Technology has made it possible for startups to grow revenue without as much hiring. Source: Kauffman Foundation: State of Entrepreneurship 2017
WHAT Click to DO edit YOU Master WANT title TO style CHANGE IN YOUR COMMUNITY?
Click to edit Master title style VIDEO
Click to edit Master title style ECODEV INFRASTRUCTURE ATTRACTION RETENTION
Click to edit Master title style ECODEV INFRASTRUCTURE CREATION
Click POTENTIAL to edit Master ROLES title FOR style ECONOMIC DEVELOPERS Become an Information Resource Expert on your Small Business Sector Catalyze the Local Support Network Provide a Safe Meeting Space Pay for coffee and doughnuts! Broker Services Link support providers to local businesses
Click MORE to POTENTIAL edit Master title ROLES style Screen Deals Help review business plans for awards or new investments Engage Educators Partner with Local Schools Introduce New Programs Targeting Special Markets (e.g Latinos) Targeting New Issues (e.g. health care) Sector Strategies (www.qb3.org)