Economic dynamism, a key indicator of economic health, has been in decline for decades, as has the rate of new business starts. Research has shown that most new jobs come from young businesses. And yet, our economic policies espoused by governments and traditional economic developers continue to focus on attracting existing big businesses.
There is a better way, and many of us know it—entrepreneurial ecosystem building. But ecosystem building still hasn’t gone mainstream—it’s a mostly unknown approach to economic development. The goal of ESHIP Goal 6 is to change that.
In a nutshell: A thriving entrepreneurial ecosystem is championed by leaders throughout the community.
However, many potential advocates – including leaders of government, business, educational institutions, major nonprofits, media, and the broader population – do not understand the value of entrepreneurship to society, the limitations of our current economic development model, or the barriers to economic opportunity that large portions of our population face. Even fewer have been exposed to entrepreneurial ecosystems and the value they offer. We need to bring this understanding to public advocates from across the regional, national, and global landscape to facilitate their engagement with more entrepreneurs and ecosystems. To gain their support and participation, we must develop a stronger narrative and a more consistent engagement strategy that communicates the value of entrepreneurship and ecosystem building in terms that resonate with more external stakeholders.
VOICES FROM THE FIELD
We asked ecosystem builders why expanding external stakeholder understanding of and support for ecosystem building is important to them.
“We, the ESHIP community, are leading the charge that is building the professional field of Entrepreneurial Ecosystem Building. A critical mass of support by constituents within and outside of the work is required in order to successfully build this or any other field.” – Beth Zimmer
GOAL 6 IN THE FIELD
We asked ecosystem builders who have been working hard to expand stakeholder understanding in their communities for their experiences. For years, Beth Zimmer has been at the heart of an effort to prioritize ecosystem building as an economic priority in the Erie, Pennsylvania.
“The work that we are engaged in as entrepreneurial ecosystem builders is “common-sensical”. We know that almost ALL net new jobs are created by businesses or organizations that are less than 5 years old. We (ecosystem builders) are keenly aware that without generating more startups and impactful support for the entrepreneurs in our communities, we will not come close to reaching our economic potential, EVER. Most of the rest of the world is not aware of these facts.
One of the projects we are pursuing is called “Global Awareness Campaign”. A few ecosystems have made progress in growing Universal Support in their communities by educating a majority of their populations as to why entrepreneurial activity and the focused support of that activity is important to build a thriving economy They have also activated more startups by educating everyone that the ecosystem exists and resources are out there to help entrepreneurs.
With this in mind, we are seeking other ecosystems that have realized significant progress by conducting impactful Global Awareness Campaigns. When we have gathered enough stories about these activities and outcomes, we’ll aggregate them. Then we will seek national and/or global organizations that have great & obvious business and/or philanthropic reasons to align themselves with this initiative. We can then secure the necessary resources that will help replicate impactful & measurable awareness campaigns for the majority of small to medium-sized markets that need this “quick kickstart” that has been proven to work.
Based on the collective buzz that is generated throughout these markets, a certain tipping point will be reached whereby the nation and world will align with this new way to build communities and our economies!
Similarly, another vision is to find and strategize this idea with 3-5 or 5-10 or 10-20 interested pilot communities who will partner with us to demonstrate the efficacy of this initiative. We will work together upfront to determine necessary activities and solid, quantifiable outcomes measures. Once we have enough data, we will approach and influence the EDA and other large national and global economic development enablers to garner support. This accomplishment will achieve true Universal Support with the deeply impactful Global Awareness Campaign being delivered, sustainably, everywhere. Do you remember the “Got Milk?”, “Your Brain on Drugs” and the tobacco cessation campaigns?” – Beth Zimmer