Apart from developing appropriate programs, creation of entrepreneurial ecosystem is a crucial factor in making successful startups. Mason & Brown (2014) have given a comprehensive definition of entrepreneurial ecosystems, stating that they are made up of “entrepreneurial actors (potential and existing), entrepreneurial organizations (enterprises, venture capitalists, business angels, banks, etc.), institutions ( e.g. universities, public agencies, financial bodies) and entrepreneurial processes (e.g. rate of new businesses, number of highly developed firms, number of serial entrepreneurs) that formally and informally connect, mediate and manage their execution within the local entrepreneurial environment."
The World Economic Forum (2013) stated that the entrepreneurial ecosystem is made up of seven components: markets, culture, education and training, financing and finance, regulatory framework and infrastructure, and human capital.
The world’s largest entrepreneurial ecosystem is Silicon Valley, which is continuously becoming a “home” of many successful companies around the world. Moving your company headquarters or just yourself in this fast-growing environment is leading to faster development of innovative products and services. This environment gave birth to a phenomenon known as “Silicon Valley Mindset” that can have a great impact on (potential) entrepreneurs, especially outside the USA.
One of the most important characteristics of Silicon Valley is the opportunity to accelerate development on both personal and professional levels. Many startups have experienced revelation by joining programs that are fostering innovative and creative thinking. More and more schools are joining initiatives for developing entrepreneurial classes with an aim to make even students at an early age aware of the importance of having an entrepreneurial mindset.
How to get started?
Holistic programs: TVLP Institute
The Bay Area offers programs with age or technology focus, e.g. for young entrepreneurs or on exponential technologies. Local business schools have summer programs for kids and seminars from the professional development of adults with an academic approach.One of the top pre-accelerator and incubator organizations is the TVLP Institute that has developed holistic programs to acquire the 'Silicon Valley mindset' through a unique mix of classes, hands-on labs, mentoring, and business meetings with Valley's role models.
TVLP Institute, with a campus situated in Menlo Park, has recognized a need for creating entrepreneurial programs that enable potential entrepreneurs to develop an entrepreneurial idea and create startups within the Silicon Valley ecosystem at the micro-level. The main goal is to enable people from all over to world - more than 42 countries - to learn about the Silicon Valley way to create a venture during a super immersive program. TVLP participants can apply to several programs and dedicate one to three weeks of their time to intensively work on projects development and acquisition of entrepreneurial skills.
Why is this important for entrepreneurs and potential entrepreneurs outside the USA? It is not only important to have an idea. Having an idea and desire for developing it is a great start, however, many people lose their entrepreneurial spirit as soon as they start meeting first obstacles – potential customers are not interested in the product/services, lack of financial capital, lack of marketing skills, etc.
Most of the nascent entrepreneurs are struggling for a couple of months, but the startup failure rate is still at a high level. Those that decide to search for the programs that might help them to pursue their entrepreneurial dream are often facing difficulties in choosing the right program.
Applying the unique learning methodology with the opportunity to customize the programs, TVLP programs are a good fit for researchers, managers, entrepreneurs, and other professionals. Each type of program is designed with an aim to guide an individual or a team through the process of startup creation and development.
Instructors with a waste experience in both academia and industry are in charge of knowledge transferring and active brainstorming sessions. TVLP faculty includes the main players of the Silicon Valley ecosystem: venture capitalists, serial entrepreneurs, executives of large tech companies, and experts. It includes also professors and instructors of some of the well known Silicon Valley universities including Stanford, Berkeley, and Santa Clara. Maybe the hardest thing to find alone in Silicon Valley is mentoring.
Highly qualified mentors are pretty occupied and it is hard to reach and choose the right one. TVLP Institute has developed individual or group mentoring labs specifically focused on the industrial area or a specific topic of interest. Having a possibility to have a quick chat with a potential mentor before the final choice is a unique opportunity.
Once that you are based in the core of the entrepreneurial happenings, you can meet up peers and network in every corner. Application are accepted during the year on a rolling basis on www.tvlp.co
Regional Networks
Networking is a great way to learn the Valley's culture and establish your reputation through connections. As the United States is a nation of immigrants and Silicon Valley attracts talents from all over the world, a great way to start is connecting with your roots. There are networks that are dedicated to entrepreneurs at the country levels.GABA, the German-American Business Association, is the largest Bay Area aggregation of German entrepreneurs and professionals. The association promotes several events mainly hosted by local German companies like SAP or Bosch. It is a good place to connect also with attorneys and investors. They have also chapters in Europe.
Another country that enabled its citizens to meet up with a Silicon Valley community is France, and its co-working space PARISOMA, that hosts more than 200 entrepreneurs and freelancers in the heart of the Soma district in San Francisco. Apart from the office, their members get access to a different kind of short workshops and events throughout the year.
The swissnex network is an initiative of the State Secretariat for Education, Research and Innovation and is part of the Confederation’s network abroad managed by the Federal Department of Foreign Affairs. The Swiss global network took a collaborative approach aiming at connecting education, research, and innovation, through the five world’s most innovative hubs.
Business Association Italy America serves and aggregates the community of Italian professionals, managers, and entrepreneurs operating in the Bay Area. Their aim is to increase the visibility and the profile of Italians as a group within the international business community and to develop a solid network of valuable relationships.
TIE.org, the Indus Entrepreneurs (TiE), was founded in 1992 in Silicon Valley by a group of successful entrepreneurs, corporate executives, and senior professionals with roots in the Indus region. It is a nonprofit organization devoted to entrepreneurs in all industries, at all stages, from incubation, throughout the entrepreneurial lifecycle. With a global reach and a local focus, the heart of TiE efforts lies in its five foundational programs, – Mentoring, Networking, Education, Funding, and Incubation. Several members have formed startups while at TiE, and are now charter members giving back to the community. TiE’s ultimate goal is to foster entrepreneurship, creating wealth for both the entrepreneur and the local communities.
People from Latin America have the support of the LATAM fund to connect with capital and other resources in the Valley.
Even though, as mentioned above, there are business networks that are introducing a Silicon Valley environment to certain nations, entrepreneurs globally need appropriate guidance when deciding to pursue an entrepreneurial project in the greatest entrepreneurial environment. If your budget or time is limited and allows only a few weeks or days in Silicon Valley, consider attending an immersion program as the first step. And use the evening time to attend networking events that almost all networks are promoting.
Networking events
Networking events are widely spread in Silicon Valley taking place in the evening; sometimes at breakfast time. It is very important to have the right direction in the plethora of available events. Holistic programs, like TVLP Institute offering above, are including selected events based on the participants’ profiles facilitating the embeddedness in the Silicon Valley community.Events are promoted by regional networks, universities, and school like TVLP Institute, attorney firms, and professional providers. Some of the most attended events are free. They generally have light networking and one speaker. However, the most common events have a small fee and provide a more structured panel of speakers.
Some popular places for finding events are:
Some popular free events are:
References:
- Mason, C., & Brown, R. (2014). Entrepreneurial ecosystems and growth oriented entrepreneurship. Final Report to OECD, Paris, 30(1), 77-102.
- World Economic Forum. (2013). https://www.weforum.org/
