2min read As with any organization, it helps to have a focus area for your startup ecosystem. This gives you a foundation to build from and keeps the direction of your various efforts aligned.
Focus on Community
In building your startup ecosystem, focus on the strengths of the community. One way to do this is to interview the local economic development group to find out what startups already exist. You can also talk with investors to find out their interest in startups to fund. Lastly, review the local businesses in the community to see what skills their employees have.
Based on those interviews, determine the strengths of the community, the current types of businesses, the skill availability, and the past successes. Focus your startup ecosystem on these strengths.
Involve Local Personnel
Successful serial entrepreneurs should be at the foundation of your activities. Invite those entrepreneurs to share their experiences with others. Interview them to find out what additional opportunities in their industry are open for innovation. Foster that strategy with the investors and other companies for growing the ecosystem.
Think Long-Term, Not Current Affairs
There are many hot topic areas in the startup world. Many entrepreneurs are apt to jump on these topics as their focus. The problem with this course of action is that those topics change yearly. Don’t chase the latest hot topic, but instead focus on the founders, investors, and successful startups in your area to build your ecosystem. Therefore, this will be more sustainable and therefore fruitful in the long run.
Read more on the TEN Capital eGuide: Building Your Startup Ecosystem
Hall T. Martin is the founder and CEO of the TEN Capital Network. TEN Capital has been connecting startups with investors for over ten years. You can connect with Hall about fundraising, business growth, and emerging technologies via LinkedIn or email: email@example.com