A Systems View Across Time and Space
Table 1 Characteristics of an entrepreneurial ecosystema
Place-specific assets | Distinguishing features of Waterloo |
|---|---|
1. Large high-tech firms | Research In Motion (RIM)/BlackBerry |
● Entrepreneur blockbuster led | Initially Mike Lazaridis and Douglas Fregin |
● Talent magnets | Global recruiting |
● Business training | Acquire skills as technology manager |
● Produce spin-offs | Downsizing led to new start-ups |
2. Universities | Undergraduate and graduate programs |
● University of Waterloo | Engineering/technology with co-op program |
● Wilfrid Laurier University | Business/management with co-op program |
● Research Centers | Innovation, entrepreneurship and R&D |
3. Entrepreneurial recycling | Exits and cash outs |
● Reinvesting wealth | Business angels |
● Reinvesting skills | Serial entrepreneurs |
● Reinvesting experience | Mentors, advisors, teaching |
4. Information rich | Access to information and knowledge |
● Formal | Forms, blogs, organizations, etc. |
● Informal | Connector socio-cultural norm |
5. Deal makers | Informal key linchpins |
6. Culture of inclusion | All means all |
● Open to newcomers | Wide sharing of knowledge and experience |
● Failures are not shunned | Philosophy of experimentation and failure |
● Porous boundaries | Accepts moving from one company to another |
7. Funding sources | Critical mass for seed and start-ups |
● Angel investors | Cashed out and current entrepreneurs |
● Accelerators and incubators | Start-up to scale-up |
● Venture capital | Local investors connected to internationals |
8. Structured entrepreneurship help | Industry-led innovation cluster |
● Centers of support | Communitech, incubators, accelerators, etc. |
9. Service providers | Lawyers, accountants, consultants, etc. |
10. Local support | Municipal and regional |