We think you have liked this presentation. If you wish to download it, please recommend it to your friends in any social system. Share buttons are a little bit lower. Thank you!
Presentation is loading. Please wait.
Published byHailie Maul
Modified over 2 years ago
© 2010 by the Ewing Marion Kauffman Foundation. All rights reserved. “Every individual that we can inspire, that we can guide, that we can help to start a new company, is vital to the future of our economic welfare.” — Ewing Kauffman What Does Not Work, What May Work Yasuyuki Motoyama, Ph.D. Senior Scholar Research and Policy Ewing Marion Kauffman Foundation
© 2010 by the Ewing Marion Kauffman Foundation. All rights reserved. Supporting Entrepreneurship? 1. Money 2. Place/Infrastructure 3. Talent (Entrepreneurs) Venture funds Incubation centers, accelerators Business schools
© 2010 by the Ewing Marion Kauffman Foundation. All rights reserved. Outline 1.Why each approach does not work a)Venture funds b)Incubation centers c)Business schools 2. Reality of entrepreneurs 3. What may work to support entrepreneurship
© 2010 by the Ewing Marion Kauffman Foundation. All rights reserved. Reasons for failure (Kauffman, 2008; Lerner, 2009 ) Hard to pick winners 50% out within 5 years Politics overtake investment decisions Failure of private venture funds 80% of VCs unable to return 3%/yr (Bradley et al., 2012) 1. Failure of (Public) Venture Funds
© 2010 by the Ewing Marion Kauffman Foundation. All rights reserved. 1.5 Alternative to Venture Funds? Findings from Inc firms in Kansas City (Motoyama et al., 2013) Inc firms: Successful, high-growth (Motoyama & Danley, 2012) Companies can be successful without VC money! Neglected bootstrapping strategy TypesCases Self-Finance13 Friends & Family6 Venture Capital2 Angel Investors2 Banks2 Government (SBA)2
© 2010 by the Ewing Marion Kauffman Foundation. All rights reserved. 2. Failure of Incubation Centers Reality of incubation centers Over 1,400 incubation centers (NBIA, 2011) Average incubator: 1.8 full-time staff & 25 client firms Support services? AccountingLegal services Management adviceIntellectual property assistance Description of incubator staff (Hannon, 2003): A computer expert, social worker, trusted counselor, front of all knowledge, endless source of contacts, fundraiser, and rent collector Only prolonging dying firms (Amezcua, 2010)
© 2010 by the Ewing Marion Kauffman Foundation. All rights reserved. 2.5 Accelerators? Accelerator bubble? Different from incubators? Highly competitive application process Pre-seed investment, with equity exchange Create a cohort of entrepreneurs, and focus on teams Connect to mentors 1,436 companies accelerated; $1.18 billion raised (Konzcal, 2012) 30 programs, 200+ startups in Canada (MaRS, 2013) No data available; No evaluation research yet Outliers (Y-Combinator & Foundry) What happened after funded?
© 2010 by the Ewing Marion Kauffman Foundation. All rights reserved. 3. Failure of Business School Training Rationale Need more entrepreneurs Especially in places with low entrepreneurial culture MBA course/certificate in entrepreneurship Focus on writing business plans (to sell to VCs or angels) Need to teach them skills to execute and modify business plans, survive and run a company FastTrac, Startup Wheel, NxLevel Launch Pad at Univ. of Miami One-on-one consultation to students, faculty, and alumni Syracuse Univ, Washington U in St. Louis
© 2010 by the Ewing Marion Kauffman Foundation. All rights reserved. Challenges Faced by Entrepreneurs An entrepreneurs faces a number of problems Entrepreneurs cannot solve by themselves Entrepreneurs are not born, but must acquire various skills through learning & experience and through other people Less about money, but more about knowledge Not university/scientific knowledge, but practice knowledge
© 2010 by the Ewing Marion Kauffman Foundation. All rights reserved. Challenges Faced by Non-SV Regions Stories from Kansas City and St. Louis Lonely entrepreneurs seek investors in SV Investors seek potential entrepreneurs in SV
© 2010 by the Ewing Marion Kauffman Foundation. All rights reserved. Then, What Works? An environment where entrepreneurs can: Get constantly engaged with other entrepreneurs Learn to solve a number of problems Find mentors (serial entrepreneurs, angels, capitalists) Not for getting funds But for learning how to make products, find & manage people Tailored to stages and sectors Tailored to you Local
© 2010 by the Ewing Marion Kauffman Foundation. All rights reserved. Example 1: Startup Weekend “54-hour events where developers, designers, marketers, product managers and startup enthusiasts come together to share ideas, form teams, build products, and launch startups!” The final business plan is only means Where people get inspired and connected
© 2010 by the Ewing Marion Kauffman Foundation. All rights reserved. Upcoming Events in Startup Weekend
© 2010 by the Ewing Marion Kauffman Foundation. All rights reserved. Example 2: 1MC Weekly meeting of two entrepreneurs to present their startups to other entrepreneurs (Konzcal & Motoyama, 2013) 6 min presentation, 20 min Q&A
© 2010 by the Ewing Marion Kauffman Foundation. All rights reserved. Example 3: Pipeline Program “regional fellowship program designed to both equip high- growth entrepreneurs with the training, networks, resources and mentors to assist them over their entire career” To scale up: Company CEOs of $1 mil sales 3-month mentorship with bimonthly events (modules) To connect with peers, mentors, and supporters
© 2010 by the Ewing Marion Kauffman Foundation. All rights reserved. Example 4: Inc Firms 75% of them had mentors in the past (Motoyama et al., 2013) Many of them are willing to give back Connect Inc entrepreneurs and startup entrepreneurs
© 2010 by the Ewing Marion Kauffman Foundation. All rights reserved. Inc Map Atlanta
© 2010 by the Ewing Marion Kauffman Foundation. All rights reserved. Different Stages, One Ecosystem Before startup Viable startups Growing firms Big Companies Startup Weekend 1MC Pipeline Connecting w/ Inc firms
© 2010 by the Ewing Marion Kauffman Foundation. All rights reserved. References Amezcua, Alejandro S. 2010. Boon or Boondoggle?: Business Incubation as Entrepreneurship Policy, Doctoral Dissertation in Public Administration, Syracuse University, Syracuse, NY. Bradley, Harold S., Diane Mulcahy, and Bill Weeks. 2012. We have met the enemy... and he is us. In Kauffman Foundation Research Series. Kansas City, MO: Kauffman Foundation. Hannon, Paul D. 2003. "A conceptual development framework for management and leadership learning in the UK incubator sector." Education and Training no. 45 (8/9):449-460. Kauffman Foundation. 2008. Entrepreneurship and urban success: Toward a policy consensus. In Kauffman Foundation Research Paper. Kansas City, MO: Kauffman Foundation. Konczal, Jared. 2012. Evaluating the effects of accelerators? Not so fast. Forbes 2012 [cited Aug 8 2012]. Available from http://www.forbes.com/sites/kauffman/2012/08/08/evaluating-the-effects- of-accelerators-not-so-fast/. Konczal, Jared, and Yasuyuki Motoyama. 2013. Energizing an ecosystem: Brewing 1 Million Cups. In Kauffman Foundation Research Series. Kansas City, MO: Kauffman Foundation. Lerner, Joshua. 2009. Boulevard of broken dreams: Why public efforts to boost entrepreneurship and venture capital have failed and what to do about it. Princeton: Princeton University Press. MaRS. 2013. Seeding success: Canada's startup accelerators. Toronto: MaRS Data Catalyst. Motoyama, Yasuyuki, and Brian Danley. 2012. The ascent of America's high-growth companies. In Kauffman Research Paper Series. Kansas City, MO: Kauffman Foundation. Motoyama, Yasuyuki, Brian Danley, Jordan Bell-Masterson, Kate Maxwell, and Arnobio Morelix. 2013. Leveraging regional assets: Insights from high-growth companies in Kansas City. In Kauffman Foundation Research Paper. Kansas City, MO: Kauffman Foundation. NBIA. 2011. Annual report. Athens, OH: National Business Incubation Association.
Stanford Technology Ventures Program Slide 1 State Policy Academy on Entrepreneurship New Orleans, July 16, 2001 “Human Capital.
Pathways to Venture Creation May Pathways to Venture Creation 3-Day Start-ups Capital Factory Confidential property of Laura J. Kilcrease
6th European University-Business Forum PARTNERSHIPS FOR JOBS AND GROWTH Social Innovation and Social Entrepreneurship Ellen Shipley, Partnership & Support.
Making Accelerators a vital part of your entrepreneurship ecosystem Kevin Gadd, Ohio State Lynn Gellermann, Ohio University.
Access to Capital/Resources for Entrepreneurs Lynne Shea, CEcD Business Development Manager.
Technology Commercialisation System Richard Linley Associate Consultant.
Role of Investors in Entrepreneurial Ecosystem Lessons from Silicon Valley Naeem Zafar Faculty member, University of California, Berkeley.
Arizona State University entrepreneurship & innovation.
Creating Entrepreneurial Communities Burt Chojnowski 21 st Century Model of Rural Living Academy on Entrepreneurship October 20, 2004 Fairfield, Iowa.
Developing ICT Entrepreneurs in Sri Lanka March 4-5, 2010.
KICKSTART SEED FUND: IGNITING INNOVATION KICKSTART SEED FUND OVERVIEW GAVIN CHRISTENSEN, MANAGING DIRECTOR, KICKSTART SEED FUND Aug, 2009.
A STARTUP REINVENTION. »Home to 19 Fortune 1000 companies including nine in the Fortune 500. »40 companies in Inc. Magazine’s list of America’s 5,000.
September 5, 2013 Growing Missouri’s Economy Through Innovation and Entrepreneurship.
ENTERPRISE ‘ Who to Talk to’ Expo 2015 Tipperary Enterprise Week.
Vcapital Confidential1 Startup Workshop Presentation to.
Dr. Yannis Pierrakis Senior Lecturer in Entrepreneurship and Innovation Kingston University.
Growing Oklahoma’s Entrepreneurial Economy Tom Walker CEO & President Innovation Economy Making Place Matter June 14, 2011.
1 What are the attitudes towards women entrepreneurs today? Interest on start-up from developing countries Interest on growth from developed countries.
ENTREPRENEURSHIP CATALYST INITIATIVE TO PROMOTE ENTREPRENEURSHIP IN BARBADOS & THE CARIBBEAN.
AIWF June 2012 The Entrepreneurial and Investments Projects Development Company Salwa Katkhuda- Investment Manager Oasis500: Accelerating Tech Start-ups.
ENTERPRISE Who to Talk to 2014 Tipperary. Catherine Hogan LIT Tipperary Thurles 2014.
Entrepreneurial Networks Burt Chojnowski 2005 National Business Incubation Association May 16, 2005.
Online Business Resources. Business Plan Resources United States Small Business Administration - The U.S. Small Business Administration (SBA) is an independent.
CEO Ventures Entrepreneur Resources... How Do Venture Capitalists Select Investments? Full content credits to Catharine Merigold.
LIGHTER CAPITAL WEBINAR © COPYRIGHT 2014 Why it works for growing technology companies Revenue-Based Financing September 16, 2014.
JANUARY 27, 2016 LUNCH & LEARN WITH THE ENTREPRENEURIAL MENTORS.
Scaling Entrepreneurship Education and Ecosystem Building Models Susan Amat, MBA, Ph.D.
The project is funded by the European Union Institutional capacity development of the three innovation centres and research sector in Bosnia and Herzegovina.
LOGO Building an Eco-system for SMEs Frank G.Liang China Torch Program Administration.
SUSTAINABLE FUNDING OPPORTUNITIES FOR START-UPS. OUTLINE Introduction Challenges Facing Facing Start-ups Funding Options Venture Capital Investment Considerations.
Founded in 1998 Private not-for profit Oklahoma Corp. Offices in Oklahoma City and Tulsa Staff of 12.
Marseille, le 26 mai 2014 Bedaya Centre for Entrepreneurship & SMEs Development.
Place Slide Title Text Here ©2013 John Wiley & Sons, Inc. All rights reserved. 6-1 ©2013 John Wiley & Sons, Inc. All rights reserved. JOHN R. SCHERMERHORN,
Pre-seed Stage Seed/Start-up Stage FUNDING GAP Early Stage Later Stages Founders ’ Friends & Family Angel Investors Very few angel deals done above $1.
The Foundry William Schulze & Robert Wuebker Department of Management The David Eccles School of Business University of Utah Special Recognition in Entrepreneurship.
Making Tennessee the No. 1 Place in the Southeast to Start and Grow a Company.
Why Innovation thrives in U.S.. Innovation & GDP Growth GDP Innovation => ↑ full potential.
Community Vitality Center 2004 Demonstration Project Wright County Entrepreneurial Consortium October 20, 2004.
Europe’s Failure to Innovate: Is the venture capital industry to blame? Colin Mason Hunter Centre for Entrepreneurship University of Strathclyde Presentation.
Financing High Growth Ventures ETP Courage: Risk and the Dimensions of Work Life Cycle of a Business Venture Bootstrapping Self, Friends and Family.
HealthStart India Mr. Pradeep K. Jaisingh Chairman & Founder Enabling Healthcare Entrepreneurship.
Alec Dingee, Founding Chairman. MIT Venture Mentoring Service A free service, founded in 2000, supporting entrepreneurs emerging from the MIT community:
6-1 McGraw-Hill/Irwin Understanding Business, 7/e © 2005 The McGraw-Hill Companies, Inc., All Rights Reserved. NickelsMcHughMcHugh With help from Timothy.
©2001 Kauffman Center for Entrepreneurial Leadership PLANNING AND GROWING A BUSINESS VENTURE™ ™ Traditional Money Sources Banks Government loan programs.
Real Life Lessons: Engaging Communities, Stakeholders, and Rights Holders Women as Entrepreneurs: Transforming Economies Tracey Scarlett April 11, 2013.
Introducing NetFuel September NetFuel: Providing capital and talent to fuel Internet start-ups The goal: Highly successful client companies and.
STARTING A NEW BUSINESS: MYTHS AND REALITIES A Presentation by Steven E. Phelan Director, UNLV Center for Entrepreneurship.
Creating a Winning E-Business Second Edition Getting Your E-Business Off The Ground Chapter 4.
Creating Opportunities for Economic Self-Sufficiency Through Entrepreneurship Organization Overview 2004.
Exploring Entrepreneurship in Your Region. Reflecting on the Previous Sessions What characteristics of the region led to your interest in cultivating.
© 2017 SlidePlayer.com Inc. All rights reserved.