One of the more popular questions I get is, “How do we grow the startup community?”
While some people suggest things like more risk capital and institutional investors, I’m not convinced that’s the answer. The answer, I believe, is even more challenging.
Here are three ideas for growing the startup community:
- More Ambitious Entrepreneurs – Let’s face it: most of the ideas in our community are incremental. While we aren’t suited for moon shots, we are suited for solving harder problems, building mission critical workflow systems, and driving for larger outcomes. Too many entrepreneurs are pursuing nice-to-have products instead of must-have products, and the success rate shows it. We need more ambitious entrepreneurs thinking big.
- More Anchor Technology Companies – While we have a number of large entrepreneurial success stories in town, we’re really missing out when it comes to anchor technology companies. Think about Dell in Austin, Amazon.com in Seattle, and other major tech companies that recruit thousands of people to the region, create tremendous shareholder value, and are deeply ingrained in the community. It often takes 20 years to build an anchor technology company — perhaps some are already in the works now.
- More Repeat Entrepreneurs – I often tell people that that best time to invest in an entrepreneur is after they’ve had their first full-time entrepreneurial failure and are ready to step back in the arena. Yet, to be a repeat entrepreneur you have to have started your first serious venture. We have a decent number of first-time entrepreneurs but we’re lacking when it comes to serious repeat entrepreneurs. Possibly, it just takes time but to grow the community, but we need even more first-time entrepreneurs so that the cycle starts sooner.
So, there you have it. More ambitious entrepreneurs, more anchor technology companies, and more repeat entrepreneurs are how we grow our startup community in a meaningful way. None are easy; all are important. Growing a startup community is hard, and we’re going to keep working at it.
What else? What are some more ideas to grow the startup community?