Thu, 16 December 2021
Challenges in Building the Startup Community
Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.
There are challenges in building a startup community.
It doesn’t happen by accident and it takes a focused effort over a period of time.
Here are some challenges to watch for and overcome:
Choosing another community’s strategy instead of your own.
It’s common for startup communities to look to Silicon Valley and adopt their strategy.
Silicon Valley has a unique set of skills, resources, and conditions.
Instead of adopting the Silicon Valley strategy, it’s best to review your community’s unique skills and resources and then choose your own strategy.
While your startup ecosystem should be inclusive to all who want to join, startup builders should focus on the ones with the highest potential for scale-up success.
Focus on the needs of the high-performing startups with your resources.
Apathy or lack of leadership can slow the formation of a startup ecosystem.
Rally the stakeholders around the startup community cause.
Identify the limitations and recruit the area leadership to help remove those barriers.
Recruit founders who have achieved success to give back and help foster the effort.
Reach out to the local university to gain their support as well.
Build collaborative relationships among the various parties involved.
It takes several years and a great deal of community building to create a startup ecosystem.
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