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BABSON
                                          Entrepreneurship Ecosystem
                                                    Project




Economic Development through Cultivating
     Entrepreneurship Ecosystems


       U.S. Saudi Business Opportunities Forum
    Entrepreneurship and the Development of SMEs


                  Len Schlesinger
                  December 7, 2011
BABSON
                  Our “E-Prize”               Entrepreneurship Ecosystem
                                                        Project




     An innovative new project with a Big Mission:

  “To demonstrate that we can impact
societies (regions) to foster high growth
   entrepreneurial ventures on a self-
sustaining basis using a codifiable and
        replicable methodology”
 Mission of the Babson Entrepreneurship Ecosystem Project




                                                               2
BABSON
               What Doesn’t Work                             Entrepreneurship Ecosystem
                                                                       Project




• Attempts to copy Silicon Valley
         – Russia’s Skolkovo; Singapore’s Biopolis

• Piecemeal (“silver bullet”) policies and programs
         – Incubators, angel networks, venture
           capital, education, microfinance, tax credits, tech transfer
           (universities)

• Top-down winner-selection (sectors, companies)
         – Sector-based clusters, direct investment

• Broad national policies
         – Competitiveness, national innovation systems

• Government-giveaways
         – Indiscriminate funding programs
                                                                              3
Significant problems           BABSON
                                    Entrepreneurship Ecosystem
                    with                      Project




• Angel networks
• Government supported venture capital
• Incubators, innovation centers
• Comparative advantage strategies
  (Clusters, Competitiveness)
• University technology transfer
• Financial incentives to debt providers

                                                     4
5
BABSON
                Summary             Entrepreneurship Ecosystem
                                              Project


• Target high potential entrepreneurship
• Target very specific geographies
• Impact the entire ecosystem with
  independent, temporary organization
• Work against specific objectives 1/100K
• Stop when you reach them
• Avoid mistakes of government over-
  involvement (e.g. cluster strategies)
• Experiment, learn, try again
                                                     6
BABSON
                   The Policy Paradox                           Entrepreneurship Ecosystem
                                                                          Project




                  “The capable can              “We cannot create
          High          manage                 wealthy elites or help
                   for themselves”              the rich get richer”

Quality
  of
venture
          Low    “We cannot let the            “We need to distribute
                 disadvantaged fail”             resources equally”




                         No                             Yes
                                       Do they get
                                       resources?
                                                                                 7
Healthy                                      BABSON
                     entrepreneurship ecosystems                     Entrepreneurship Ecosystem
                                                                               Project



           Venture death generates
           information and
           “learning” about what works


       High                                         …as it is for
                                                     the good
                                                    ones to get
 Quality                                            supported
   of
ventures
                                It is as
       Low                    important
                                                                    Venture death frees up
                               that bad                             resources (people, money, IP)
                               ventures                             that can be useful
                                “die”…


                                    No                       Yes
                                           Do they get
                                           resources?
                                                                                          8
So the “system” gets                                   BABSON
                                                                  Entrepreneurship Ecosystem
                    it backwards….                                          Project




                       Bad
                     outcome:
          High     Lost opportunity
                      No growth
                   Entrepreneurship
                     discouraged
Quality
  of
venture                                           Bad
                                                outcome:
                                              Wasted resources
          Low
                                               Life style SMEs,
                                               Micro-ventures




                      No                                  Yes
                                      Do they get
                                      resources?
                                                                                   9
Principles for government support of venture finance:
              (based on everything we know collectively)

     Government should
     Incentivize providers of capital to invest directly

     Have a “sell-by date” for programs

     Cultivate deal flow (ecosystem) simultaneously

     Encourage financial innovation and allow for quick learning

     Always require some matching funds and require payback
     (not debt)
     Pay attention to the entire financing chain, from pre-seed
     to public (beware angel networks)                             10
BABSON
                            Entrepreneurship Ecosystem
                                      Project




There is no force as powerful as an
   idea whose time has come.
             Victor Hugo


Today entrepreneurship is such
           an idea.

                                             11

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Schlesinger

  • 1. BABSON Entrepreneurship Ecosystem Project Economic Development through Cultivating Entrepreneurship Ecosystems U.S. Saudi Business Opportunities Forum Entrepreneurship and the Development of SMEs Len Schlesinger December 7, 2011
  • 2. BABSON Our “E-Prize” Entrepreneurship Ecosystem Project An innovative new project with a Big Mission: “To demonstrate that we can impact societies (regions) to foster high growth entrepreneurial ventures on a self- sustaining basis using a codifiable and replicable methodology” Mission of the Babson Entrepreneurship Ecosystem Project 2
  • 3. BABSON What Doesn’t Work Entrepreneurship Ecosystem Project • Attempts to copy Silicon Valley – Russia’s Skolkovo; Singapore’s Biopolis • Piecemeal (“silver bullet”) policies and programs – Incubators, angel networks, venture capital, education, microfinance, tax credits, tech transfer (universities) • Top-down winner-selection (sectors, companies) – Sector-based clusters, direct investment • Broad national policies – Competitiveness, national innovation systems • Government-giveaways – Indiscriminate funding programs 3
  • 4. Significant problems BABSON Entrepreneurship Ecosystem with Project • Angel networks • Government supported venture capital • Incubators, innovation centers • Comparative advantage strategies (Clusters, Competitiveness) • University technology transfer • Financial incentives to debt providers 4
  • 5. 5
  • 6. BABSON Summary Entrepreneurship Ecosystem Project • Target high potential entrepreneurship • Target very specific geographies • Impact the entire ecosystem with independent, temporary organization • Work against specific objectives 1/100K • Stop when you reach them • Avoid mistakes of government over- involvement (e.g. cluster strategies) • Experiment, learn, try again 6
  • 7. BABSON The Policy Paradox Entrepreneurship Ecosystem Project “The capable can “We cannot create High manage wealthy elites or help for themselves” the rich get richer” Quality of venture Low “We cannot let the “We need to distribute disadvantaged fail” resources equally” No Yes Do they get resources? 7
  • 8. Healthy BABSON entrepreneurship ecosystems Entrepreneurship Ecosystem Project Venture death generates information and “learning” about what works High …as it is for the good ones to get Quality supported of ventures It is as Low important Venture death frees up that bad resources (people, money, IP) ventures that can be useful “die”… No Yes Do they get resources? 8
  • 9. So the “system” gets BABSON Entrepreneurship Ecosystem it backwards…. Project Bad outcome: High Lost opportunity No growth Entrepreneurship discouraged Quality of venture Bad outcome: Wasted resources Low Life style SMEs, Micro-ventures No Yes Do they get resources? 9
  • 10. Principles for government support of venture finance: (based on everything we know collectively) Government should Incentivize providers of capital to invest directly Have a “sell-by date” for programs Cultivate deal flow (ecosystem) simultaneously Encourage financial innovation and allow for quick learning Always require some matching funds and require payback (not debt) Pay attention to the entire financing chain, from pre-seed to public (beware angel networks) 10
  • 11. BABSON Entrepreneurship Ecosystem Project There is no force as powerful as an idea whose time has come. Victor Hugo Today entrepreneurship is such an idea. 11

Hinweis der Redaktion

  1. They are not the same. True you can define them as the same, but definitions are like rubber bands: when you stretch them, they break and become useless. So let’s use the lay definitions of an entrepreneur who creates a new business, even a rapidly growing and dynamic one. An example of an non-innovative entrepreneur is Cinemex. Innovative is more complex, but let us define it as a new device or process that results from study and experimentation (Princeton). Open source (Linux) is an example of a great innovation that is not, in and of itself, entrepreneurial.Hong Kong: lots of entrepreneurship, not much innovation, and Singapore, lots of innovation, and not much entrepreneurship. Singapore has about 4 x patenting activity poer capita than HK.In fact I would argue that entrepreneurship is more closely tied to economic growth and development, and innovation may or may not directly impact economic development.I would also put out for the sake of argument, at least, that entrepreneurship is the scarcer and more valuable commodity (although I could think of counter arguments; and no doubt when they occur together they are powerful).I would also argue that it is easier for entrepreneurs to become innovative, than for innovators to become entrepreneurial.My own experience is that the fact that you can be an entrepreneur without being very innovative is a tremendously liberating insight at the micro level, and my experience is that it brings the individual entrepreneurial choice that much closer.