Kaufman Research Offers 6 Lessons for Those Involved in Local or Regional Startup Ecosystems:
- Focus on connecting entrepreneurs to enhance learning between entrepreneurs. This can be done by injecting catalytic events.
- Communicate and collaborate with other entrepreneurial support organizations for constant readjustment of the local ecosystem.
- Cultivate a list of experienced local entrepreneurs to connect them to nascent entrepreneurs.
- Support organizations should recruit staff with entrepreneurial experience.
- If a public venture fund has already been established, distribute smaller prizes to multiple startups, instead of one large prize, so that a group of entrepreneurs can become a cohort.
- If incubators already exist, reorganize them to connect entrepreneurs and enhance peer learning. Co-locate and integrate support organizations with incubators.
Findings from Kaufman Foundation research show that activity-based events, where entrepreneurs have the chance to use and practice the skills needed to grow their businesses, are most useful. St. George provides a multitude of these activities, such as Startup Weekend, Code Camp, Concept To Company, and various entrepreneur funding programs. Some of these are St. George specific, but others have nationwide or global operations. St. George is a unique city with its own history, people, and culture. Yet, it shares many social and economic features with other cities across the nation.