In a broad sense, an entrepreneurial ecosystem describes an environment in which entrepreneurs, and the entrepreneurial spirit, are encouraged, supported and backed by local business, government, and residents. That said, a truly effective entrepreneurial ecosystem goes beyond that.
In June 2010, the Harvard Business Review published an article by Daniel Isenberg, Professor of Entrepreneurship Practice at Babson College, entitled “How to Start an Entrepreneurial Revolution”. In his article, Isenberg says that “to ignite venture creation and growth, governments need to create an ecosystem that sustains entrepreneurs.” He goes on to describe the environment in which entrepreneurship tends to thrive. Drawing from examples from around the world, Isenberg proposes that entrepreneurs are most successful when they have access to the human, financial and professional resources they need, and operate in an environment in which government policies encourage and safeguard entrepreneurs. This network is described as the “entrepreneurship ecosystem”.
We have a lot of talented, entrepreneurial individuals right here in our region. What they lack is the environment, the connections and the resources that will allow them to thrive. We intend to encourage and cultivate just such an environment.