1776, a Global Entrepreneurship Network partner, and the U.S. Chamber Foundation released a report that outlines a necessary framework for cities to help entrepreneurs grow and thrive. While the 1776 report provides more detailed explanations of these elements, here is a summary of what entrepreneurial cities need to help its entrepreneurs achieve success.
The Network Effect: Connections are an important part of entrepreneurship, meaning that the ability to make connections should be easy and dynamic for new business enterprises. Entrepreneurs need to be able to connect with different groups that can support their work at the local, national, and global level. This is where the idea of the entrepreneurship ecosystem comes into play.
The Triangle of Civic Entrepreneurship: For entrepreneurs to be successful in a city, the network should include three main components: entrepreneurs, civic institutions, and citizens. Together, these three entities interact to form the ecosystem. Their interaction reinforces the idea of the network effect and serves to better connect a city with respect to entrepreneurship.
The Supporting Roles: Supporting roles are the entities that also assist with entrepreneurship development such as investors, universities, established companies, and advisors. These parties support entrepreneurs and startups in a variety of ways. New businesses need as much support as they can get, making the availability of supporting roles an essential aspect of an entrepreneurial city.
The Platform: Entrepreneurs in cities need solid foundations from where they can build successful businesses. These foundations should feature a productive environment, high quality of life, creative thinking, and density. Through these features, entrepreneurs can focus in on their specific business goals and how they wish to succeed in entrepreneurship.
From V 1.0 to V2.0: With the incorporation of the previous elements, the entrepreneurship ecosystem can ensure success with a final, more specific element. Entrepreneurs and supporting entities must decide upon the best ways to empower entrepreneurs, especially in the face of potential challenges.