A startup ecosystem is a group of organizations and resources assembled to support startup growth in a region. These resources can either be in the same location or virtual. Their target is to work together to help founders successfully launch and grow new startups. These organizations can give support to startup creation through provisions like startup incubators, co-working spaces, accelerators, funding and technical resources.
Launching and growing a startup on your own is tough. There are so many questions to be answered and countless mistakes to be made. Without a network of supportive resources to overcome these challenges, many potentially successful startups never get off the ground. A well-developed startup ecosystem can change all that.
Top Startup Ecosystems in the World
Startup ecosystems are defined by their interaction with the people of the same mind. They are partnered and united with people, organizations, and other startups in order to help sprout other businesses that fit them.
Here’s an example of the top 10 startup ecosystems in the world according to a 2015 study by Venture Beat. The list is based on separate startups’ valuation ($1 billion+), acquisition (was it acquired), and IPO (if the company has gone public). These are the best places do start your business.
- Silicon Valley
- Tel Aviv
The only similarities between all these places is the trust, synergy, and chemistry with the founders of each separate teams. For example, Silicon Valley is the home to many startups including Uber, Dropbox, and Slack, among many others. At the same time, New York is home to Blue Apron, Buzzfeed, and Tumblr. There is just something about these ecosystems that nurtures creativity and boldness in businesses.
How a Startup Ecosystem Helps Your Startup
Strong startup ecosystems help startups with research, idea development, inventions, and entrepreneurship education. Aside from that the mere fact you are starting in these supportive environments, you’ll have access to mentorship, startup advisors, and angel investors.
In a successful startup ecosystem, attaining startup goals becomes easier. Formation of your team will be less challenging, and validating your business idea is less difficult. In this kind of startup ecosystem, you’ll have successful, startup-minded people as your peers. This alone helps create value and create a better sense of entrepreneurship. You are interlinked together by activities and events that will help you grow as a business-person.
Accessing the Resources of a Startup Ecosystem
There are organizations that help entrepreneurs and founders access the resources of their local startup ecosystem. The Founder Institute is one of the pioneers in this field. It is also the largest organization of its kind in the world. The Founder Institute is an intensive, highly rigorous 3.5-month program that guides and drives committed entrepreneurs to success. The program operates in more than 150 cities around the world and has launched more than 2,000 companies, 72% of which are still in operation. Several graduates of the Founder Institute startup ecosystem have become billion-dollar companies.
Virtual Startup Ecosystems
That said, some ecosystems are not just centralized in one location. There are virtual ecosystems that help foster startup creation. Websites and online platforms that can help spark entrepreneurship.
These digital accelerator networks have partners in different parts of the world like in Latin America, Asia, and Europe. In just 6 months they have 500 companies in 63 countries under their belt. The great thing about an online platform is that it connects you via digital expos to local and global organizations. The opportunities are central during events. With that, similar minded founders can easily connect with each other in one simple platform.
Want to Learn More?
Contact me today if you want to learn more about how involvement in a local startup ecosystem can help you launch your dream startup.