Building an Entrepreneurial Ecosystem
By Kristine Brandt
When we think about the drivers impacting the future of our mountain town, thoughts commonly run to the financial sector. What is to be done to introduce more high-paying jobs, establish affordable housing, and promote the synergistic effects of cutting-edge, transformative technology that introduces new products, services and solutions to our community, while also protecting our environment? When the issue is framed as strictly financial, the reaction is commonly confined to those terms as well – it will take a lot of capital, allocated wisely, intentionally and constructively to address these difficult issues . As Teton County is now, by some standards, the richest county in the nation in the richest country in the world, using money as the primary lever to provide solutions shouldn’t be a problem, right? Wrong.
The most important component missing in the equation above is what fundamentally comprises our great community:our great people. Additionally, innovation is achieved not by technology, but by how humans create, develop, and utilize technology, and its services to help improve the human condition. How do we bring together all of the assets that we have in abundance in our community to creatively solve pervasive problems?
Silicon Couloir believes in the transformative power of entrepreneurship. And oftentimes, successful entrepreneurs are stars! This is for a reason – it takes intelligence, grit, perseverance and often, many, many failures prior to achieving that well-deserved stardom. Each month, three out of every 1000 people in the US will start a new business[i]. Those three people take on a tremendous task and assume a great deal of risk. However, the 997 remaining people also play a role in the entrepreneur’s success or failure. That is where the idea of an entrepreneurial ecosystem comes in.
An entrepreneurial ecosystem refers to the interconnected group of individuals, organizations, institutions and resources that collectively contribute to the development and growth of entrepreneurial activities within a specific region. The best way to empower makers, doers and dreamers is by growing the entrepreneurial ecosystem around them. This supportive environment enhances the entrepreneur’s capabilities and provides a foundation that fosters innovation, growth, and sustainability over the long term.
Measures of Success
A robust entrepreneurial ecosystem holds itself accountable to measures of success; accurate measurement is essential for continuous improvement in any system, and is crucial in a healthy entrepreneurial ecosystem where constant change and innovation is naturally occurring.
The most obvious measures of the success of an entrepreneurial ecosystem include accessible quantifiable data such as number of start-ups, job creation, and amount of invested capital. However, as the practice of building entrepreneurial ecosystems matures, research is delving further into qualitative factors, such as the emotional, cognitive and physical toll that founding and leading a start-up imposes on an entrepreneur. That is where the importance of a healthy ecosystem demonstrates its relevance. And, as in the example at the opening of this article, this is where the human component of the equation is most relevant. Entrepreneurial ecosystems can and should be designed to help mitigate challenges that founders inevitably face by offering a safety net made up of mentors, educators, investors and peers who encourage resilience and build a culture that promotes both successes and failures.
Start-Up Snapshot, a data sharing platform for the entrepreneurial ecosystem, found that 72% of founders reported that the entrepreneurial journey affected their mental health, 37% suffered from anxiety and 36% from burnout. Not surprisingly, as many founders are known for their stoic determination, only 23% reported going to a coach or psychologist. And only 10% of founders reported that they talk to their investors about their stressors, worried that transparency could affect their chances of securing additional funding. [ii] This research is leading to a deeper understanding of the needs of entrepreneurs in a fast paced, stressful environment. Measures such as collaboration among stakeholders, presence of an innovative culture, access to supportive resources and community engagement are more difficult to measure, but just as important to understand.
Ideally, programs offered within an entrepreneurial ecosystem collectively support and nurture the growth of start-ups and founders along the entire trajectory of conceptualizing, launching and running a venture. It is Silicon Couloir’s mission to support the Teton region’s entrepreneurial ecosystem – all of our programs together serve as a lever to advance entrepreneurship and build a stronger, more holistic economy that works for the betterment of the whole of our community. Here is where our programs fit within the pillars of a healthy entrepreneurial ecosystem:
Education & Training – our educational programs, workshops and training opportunities, such as Start Up Success, and Pitch Day equip entrepreneurs with the skills necessary to transform an idea into a business plan.
Mentorship & Guidance – experienced mentors and advisors participating in our TEAMS program provide invaluable insights, guidance and constructive feedback, helping entrepreneurs navigate challenges and make informed decisions.
Networking & Collaboration – programs including Chance Meetings and Pitch Day foster connections among entrepreneurs, investors, peers and industry experts facilitating knowledge exchange.
Supportive Infrastructure – physical and virtual infrastructure provided by our Cowork Space offer an environment conducive to innovation & growth.
These programs are designed to support the entirety of the entrepreneur’s journey and include quantitative and qualitative measures of success.
[i] Kauffman Foundation, Building Playbook 3.0
[ii] Start-Up Snapshot, “The Untold Toll: The impact of stress on the well-being of startup founders and CEOs.”