search

Ecosystem of entrepreneurship and innovation: what it is and who participates

POR Hispanic Entrepreneurs September 25, 2020
Featured image from the article

The collaboration of various institutions, together with the appropriate conditions favor the development of the entrepreneurship and innovation ecosystem. Today in Hispanic Entrepreneurs We define this concept and analyze who makes it up. Keep reading so that you have a better understanding of this topic.

What is the entrepreneurial ecosystem?

This concept refers to all the elements that facilitate entrepreneurship and innovation in a region or town. It means that in this place the right conditions exist for the creation of companies. As well as to guarantee the sustainability of these in the future.

The entrepreneurship ecosystem functions, then, as a community. This has the participation of companies, institutions, governments, funders, among other elements. Together they create and promote projects aimed at delivering added value to society.

For the entrepreneurship and innovation ecosystem to work there must be coordination between all its elements. And the benefits will be real as that gear runs smoothly.

An entrepreneur who finds institutions willing to help her, mentoring, education programs, access to financing and laws that help her carry out her project, is faced with an ecosystem that works. In addition, this will have an expansive effect and will promote other ventures.

Between the entrepreneurship ecosystems that stand out in the world we find:

Boston, Berlin and Singapore are others that stand out. For Latin America we find Sao Paulo among the main in the world. However, the region as such has great potential that the Pacific Alliance is trying to boost. But to achieve this, the profound differences between the different countries must be overcome.

Who forms the ecosystem of entrepreneurship and innovation?

This community has several components or elements that we define below:

The specialized media they also contribute to the development of ventures.

Conditions for a good entrepreneurial ecosystem to emerge

If we analyze the actors that participate, we will identify the variables that must be present for a good entrepreneurial ecosystem to exist.

We start with the presence of entrepreneurs, people who are willing to create and innovate. You must know how to identify needs, take advantage of the infrastructure and conditions that are around you and be willing to learn constantly.

This brings us to the next point, which is educating for entrepreneurship. This must be done at all academic levels, but specific training must also be provided.

In addition, public policies are needed to facilitate entrepreneurship. This includes research programs, support institutions, financial support, friendly legislation, among others.

On the other hand, there is access to financing, which is one of the frequent problems to undertake. Access to venture capital, loans from private institutions, angel investors, among other alternatives, will facilitate the development of projects.

In a good ecosystem there is market opening, access to telecommunications, transport and logistics infrastructure. As well as entrepreneur support networks.

It is also important that established entrepreneurs are willing to innovate. You cannot think of an entrepreneurial ecosystem without companies that are willing to integrate to work on new projects.

Another condition that must exist is to promote the culture of entrepreneurship. Society also participates because it creates social norms such as the drive for innovation or tolerance for risk.

The presence of an ecosystem of entrepreneurship and innovation will allow you to identify opportunities and provide support to carry out your project. If you find these conditions in your area, it will be positive for your company.