The term “startup ecosystem” and many other startup terms are used more often in the last few years as the startup scene grows more and more. But many people do not really know the real meaning of all these terms used by entrepreneurs. We decided to discuss the term “startup ecosystem” in this blog for those who wish to freshen up their startup lingo.
A startup ecosystem is established by a group formed by entrepreneurs, startups and different organisations in their diverse stages of growth. Together they form a system to create new startups. In order to start a new startup, a supportive environment and community are needed. A startup ecosystem works together to support their community members and offer their resources to one another in order for each one to grow their business or idea.
What forms a startup ecosystem?
There are different elements that are put together in order to form a community called a startup ecosystem. This includes ideas, research, creativity, entrepreneurs, startups at different stages, business angels, investors, business consultants, marketing experts, coworking spaces, incubators and accelerators, mentors, social media experts, and many more. These community members work together and support one another where it is needed to create new startups and to turn ideas into real businesses.
Your startup ecosystem community
In order to build a successful startup ecosystem, a combination of the above-mentioned points is a good start. One should have access to ideas, talent, capital and customers. Combining these factors would give any entrepreneur a good kickstart into starting a startup ecosystem. Of course, certain individuals with needed skill sets would be needed as well in order to share knowledge among one another. These are entrepreneurs, business angels, investors, business consultants, government, etc.1 Good leadership skills are a big asset when building a startup ecosystem. This individual must be able to encourage community members to chase their goals for success.
The best location for a startup ecosystem
A startup ecosystem should be based in a location with enough activity, a wide variety of industries and expertise in order to be effective. This would preferably be in a bigger city instead of in a small town. Different cities offer different types of industries. It is important to choose a city that supports your specific ecosystem field but at the same time, your ecosystem should be open to collaborating with other cities. The most successful startup ecosystems strengthen and support one another over borders and continents.
Startup ecosystem: sharing your road to success
Success stories should be shared with local communities. It is good for local people to see the difference the startup ecosystem makes to the community as well. Once success stories are shared, this will draw the attention of investors and other talents which could be helpful sources for the ecosystem in the future. Ecosystems are built over decades, so it takes a lot of time to build a successful startup ecosystem. Patience is needed and it should not be forced. The ecosystem community should work together as a team for it to be successful.
Collaboration with a community with the same goals is the key to building a successful startup ecosystem. It is not a one-man-show.
Worldwide ecosystem maps
Briterbridges is a company dedicated to collecting, curating, and visualising data on business across underserved markets, with a specific focus on Africa. They released a #EcosystemMaps series which illustrates maps of different startup ecosystems in the tech scene focussed on the African continent and south of Asia. Here you can view the ecosystem maps: https://briterbridges.com/ecosystem-maps