Business Startups are the economic engines that drive innovation and progress in today’s hyper-connected global economy and it’s Startup Communities that are at the center of this revolution.
Startup communities are entrepreneur ecosystems. They’re being created around the world in small and large cities like Boulder Colorado, Vancouver, Iceland and Russia to name just a few. These communities are driving innovation, creating jobs and invigorating small business energy. Simply stated; start-up communities attract and breed entrepreneurs who go on to build companies like AirBnB, Dropbox, Sendgrid and many, many more.
Squamish is a small town with big ideas currently going through a transformation. It was once a forestry town that’s now transforming into an outdoor recreation tourism destination. It’s challenged in finding ways to create local jobs and to evolve into a sustainable, self sufficient community. The population is growing quickly but the local job market is not keeping pace.
Squamish is my community, I love this place and I want to see it succeed and prosper. It’s beautiful and has the ability to provide what I consider the best work-life balance opportunity in Canada. That may sound biased but for me and many others, it’s the truth. There’s an abundance of great activities at our doorstep and this is what mainly brought me to Squamish in the first place. However, the challenge to completing the work-life balance equation is local jobs. Like me, there are many people that commute to Vancouver or Whistler for work and therein lies the challenge.
How do we create jobs and transform Squamish into a great place to live, work and play?
The solution to me is simple in theory. Jobs come from businesses and businesses come from entrepreneurs so it seems logical to me to find, attract, nurture and support entrepreneurs. One proven way to do this is by establishing and growing an inclusive startup ecosystem.
Startup communities are not something new. Author, entrepreneur & investor, Brad Feld is the co-founder of TechStars; a mentor-driven business accelerator in Boulder Colorado that has succeeded at building one of the most successful models for startup communities. Boulder has an incredible Startup Community. Brad’s authored several books including Startup Communities, Do More faster, and Venture Deals. All great books I have read and that have inspired me and given me great knowledge and guidance on this subject.
“The effect on the local startup community in Boulder has been even more amazing than we anticipated. Boulder has developed a culture of sustained mentorship, where new founders place great value on seeking out mentors, and experienced entrepreneurs generously offer their time and expertise. This mindset makes the community better as a whole and it helps everyone in the community be more successful.”
To get a better understanding of exactly what I’m talking about, this great video gives a quick explanation of what a startup community is and what it needs to be successful. These lessons can be applied in Squamish or anywhere, to establish a local vibrant startup ecosystem.
The Key Points of making this a reality in any community
- It takes long term commitment. (20 years) Creating a entrepreneurial ecosystem is a marathon not a sprint.
- The entire entrepreneurial stack needs to be engaged.
- Startup communities need leaders & feeders
- Leaders must be entrepreneurs
- Feeders are government, lawyers, accountants, angel investors, venture capitalists & educational institutions & marketers
- Continually attracting and recruiting fresh people into the system
“In order for Techstars to be effective, there have to be the best mentors in the community who are ready and willing to participate and who understand the “give first” culture that is so important to successful startup communities. When you have a whole community behind you, rooting for you to win, and making connections for you—it’s a huge, unfair advantage.”
What’s being done for startups with Techstars in the past 7 years is fascinating and exciting in that the mentorship-driven accelerator model is and has been duplicated in over 1000 local communities around the world with great success. Techstars has helped fund over 100 companies a year, and they have more than $70 million under management.
If Squamish wants to create a sustainable economy well into the future, it needs to look at new solutions for creating jobs and I feel that creating an active, vibrant startup community is a long term solution to our present day challenge.
- Startup Weekend Launches Startup Foundation Initiative in Partnership with Kauffman Foundation (kauffman.org)
- Two New Startup Books You Need to Read (davidgcohen.com)
- Author Brad Feld on Building Sustainable Startup Communities (intuit.com)
- Lynn-Ann Gries: How Women Entrepreneurs Succeed in the Midwest (huffingtonpost.com)
- The world needs more Entrepreneurs (craigcherlet.wordpress.com)
- 10 Must Read Entrepreneurship Books from 2012 (under30ceo.com)
- Startup Communities. Building an entrepreneurial ecosystem in your city. Brad Feld. (regnordman.com)
- Build Locally, Thrive Globally: CEO David Cohen on Techstars’ future (xconomy.com)
- The World’s 20 Hottest Startup Scenes (Infographic) (entrepreneur.com)
- Barcelona – A Global Startup Hub in the Making (joiningupthedots.com)