accelerating entrepreneurial ecosystems: new ... accelerating entrepreneurial ecosystems: new...

Download Accelerating Entrepreneurial Ecosystems: New ... Accelerating Entrepreneurial Ecosystems: New Lessons

Post on 21-May-2020

0 views

Category:

Documents

0 download

Embed Size (px)

TRANSCRIPT

  • Accelerating Entrepreneurial Ecosystems:

    New Lessons from a

    Public-Private Stakeholder Approach

    Scott Stern, MIT and CBS

  • Field of Dreams…

    2 #MITREAP

  • Some Thinkers such as Richard Florida imply

    that regions are engaged in a war for talent and

    the creative class to be the NEXT Silicon Valley

    3 #MITREAP

    http://abcofsuccess.com/blog/2014/08/20/rise-creative-class-richard-florida/

  • With many “Silicon Xs” strategies being

    implemented around the world….

    4 #MITREAP

  • “…we don’t want 50 Silicon Valleys; we want 50 different variations of Silicon Valley, all unique from each other and all focusing on different domains.” Marc Andreesen, 2014

    5 #MITREAP

  • 6

    @MIT_REAP

    "The other thing that we would have done differently…is really

    made our goals much more explicit."

    – Tony Hsieh August 2016, nearing 5 Year Anniversary

  • Far too often…

    • These well-intentioned approaches often end in…a Boulevard of Broken Dreams

    • Many regional efforts fail to turn “ideas” into action, or fizzle out after an initial burst of energy and initiative

  • How can we catalyze our regional entrepreneurial

    ecosystems?

    #MITREAP 6

  • A global program designed to help regions accelerate economic growth & social progress through innovation-

    driven entrepreneurship (IDE) built upon a region’s unique history, capacity and comparative advantage.

    Partner regions form stakeholder teams and commit to a two-year learning engagement working with MIT faculty

    and the broader REAP community through a series of action-learning activities to assess, build and implement a

    custom regional strategy for enhancing IDE ecosystems.

    Mens et Manus

    28 @MIT_REAP

    MIT Regional Entrepreneurial Acceleration Program

    (MIT REAP)

  • MIT REAP Framework Overview

    System

    Strategy Stakeholders

    10 @MIT_REAP

  • The Challenge of Empowering

    Stakeholders for Ecosystem Change

    Entrepreneur

    Risk Capital

    Corporate Government

    University

    Innovation Ecosystem

    Stakeholder Model

    • IDE Ecosystem-led growth is different from traditional economic development approaches

    • Collaboration across key

    stakeholders is crucial for collective impact and acceleration at the ecosystem level

    11 @MIT_REAP

    Stakeholders MIT REAP Framework

  • MIT REAP Framework Overview

    System

    Strategy Stakeholders

    12 @MIT_REAP

  • 13 @MIT_REAP

    I-Cap E-Cap

    Economic Impact Social Progress

    IDE Ecosystem

    Foundational Institutions

    Cluster Based Comparative Advantage

    System MIT REAP Framework

  • Innovative Capacity & Entrepreneurial

    Capacity Are Distinct Regional Assets

    E-Capacity

    Ability to start and build new to

    the world businesses from

    inception to maturity.

    Strong I-Cap:

    Universities, Central R&D,

    Network of researchers,

    Medical Centers

    Strong E-Cap:

    Entrepreneurs, Mentors,

    Founding Teams

    Investors at all stages

    I-Capacity

    Ability to develop new to the

    world innovations from inception

    through to the market.

    14 @MIT_REAP

    System

  • I-Cap versus E-Cap

    Innovation Capacity

    E n

    tr e p

    re n

    e u

    ri a l C

    a p

    a c it

    y

    15 @MIT_REAP

    System

  • 16 @MIT_REAP

    I-Cap E-Cap

    Economic Impact Social Progress

    IDE Ecosystem

    Foundational Institutions

    Cluster Based Comparative Advantage

    System MIT REAP Framework

  •  How can we measure high-potential entrepreneurship in a systematic and timely way?

     How can we utilize real-time granular measurement of entrepreneurial quality to gain new insights for program evaluation and economic development?

  • Three Steps to Measuring Entrepreneurial Quality (at or near the time of founding)

    Business Registrations

    “Digital Signatures” of

    Growth Potential

    “Success” outcomes can be mapped to initial “digital signatures”

  • How do the “digital signatures” of companies predict

    growth?

    (NB: Prediction NOT causal) Change in the Probability of

    Growth

    Has Short Name 248%

    Firm Named after Founder -70%

    Corporation (Not Partnership or LLC) 405%

    Trademark in First Year 501%

    Patent and No Delaware Registration 3,534%

    No Patent and Delaware Registration 4,470%

    Both Patent and Delaware Reg. 19,640%

    Sectoral Controls Included

    State Controls Included

    Guzman and Stern, 2016.

  • A New View of the Skew

  • Entrepreneurial Quality Index

    Average estimated quality within a group of start-ups

    EQI

    Regional Entrepreneurship Cohort Potential

    Index

    The number of startups within a particular region expected to later achieve a growth outcome

    RECPI

    Regional Entrepreneurship

    Acceleration Index

    Estimates the ability of an ecosystem to convert entrepreneurial potential into realized growth events.

    REAI

    Entrepreneurial Quality Statistics

  • Stanford University

    Google

    Twitter/

    Dropbox

  • The Quality of Entrepreneurship in Kendall Square

  • The State of American Entrepreneurship

  • RECPI / GDP: The State of American Entrepreneurship Over Time

     RECPI / GDP shows

    – a sharp raise in potential during the late 1990

    –followed by a drop (but NOT a collapse) in 2001

    –and more moderate increase after the Great Recession.

     Nowcasted Index tracks closely and documents “boom” since 2010

    Peak of

    dot-com

    bubble

    Great Recession

    Guzman and Stern (2016)

  • The Quality of Entrepreneurship in Kendall Square

  • What does your entrepreneurial

    ecosystem look like?

    27 @MIT_REAP

    System

  • 28

    @MIT_REAP

    System

    Strategy Stakeholders

    MIT REAP Framework Overview

  • Core creators of I-Cap and E-Cap as well as the

    actors in the underlying social fabric of regions.

    29 @MIT_REAP

    Stakeholders

    Entrepreneur

    Risk Capital

    Corporate Government

    University

    Innovation Ecosystem

    Stakeholder Model

    MIT REAP Framework

  • 30 @MIT_REAP

  • The Theory of Collective Impact

    Collective Impact occurs when organizations/actors from different sectors agree

    to solve a specific social problem

    Beyond the impact of individual

    organizations

    Works when key

    preconditions are in place

    Requires common set of

    integrated, tailored best

    practices

    Lays foundation for near-term and sustained

    impact

    31 @MIT_REAP

  • A Collective Impact Approach Allows Teams

    to Accelerate Real-World Meaningful Change

    By Leveraging Complementary Resources….

    Setting a Common Agenda

    Shared Metrics & Evaluation

    Stakeholder Engagement & Communication

    Backbone Support Organization

    Action

    IDE

    Ecosystem

    Acceleration

    32 @MIT_REAP

  • Boston: The Risk of a Missing

    Stakeholder

    33 @MIT_REAP

  • 34 @MIT_REAP

  • Assessment - Shared Measurement

    35 @MIT_REAP

  • Entrepreneurial Quality Index

    Average estimated quality within a group of start- ups

    EQI

    Regional Entrepreneurship Cohort Potential Index

    Estimated as the expected # of Growth Events for a Regional Start-Up Cohort

    RECPI

    Regional Entrepreneurship Acceleration Index

    Estimates the ability of an ecosystem to convert entrepreneurial potential into realized growth events.

    REAI

    REAP Metrics for Shared Measurement

    Reminder: Data Session - 7:45-8:15AM tomorrow (Day 2) Please select a team member(s) to attend(anyone is welcome)!

    36 @MIT_REAP

  • Entrepreneurial Potential (RECPI) in All Spain Provinces

    37 @MIT_REAP

    System

  • Stakeholders

    Entrepreneur

    Risk Capital

Recommended

View more >