A report by extended questionnaires and interviews with almost 1000 entrepreneurs from these
two ecosystems.
KEY SUCCESS FACTORS FOR ENTREPRENEURSHIP ACTIONS NEEDED FROM STAKEHOLDERS
- Business knowledge & experience
INSIGHT 1: Start-up success depends on business knowledge and personal
competencies.
although entrepreneurship is also a matter of ambition and perseverance,
the skills and capabilities can be learned.
- Entrepreneurship ecosystems
INSIGHT 2: Ecosystems allow entrepreneurs to better and more quickly develop
their initial ideas into viable businesses.
more and stronger European ecosystems will deliver more start-ups and achieve
higher success rates.
But start-ups are risky. Of all the new businesses started, barely 50% survive the
first five years, a statistic that is undoubtedly even lower for start-ups with innovative
offerings and business models. It thus is of the utmost importance that Europe
increases both the number of innovative start-ups and the rate of their success.
as we will see, supportive ecosystems are the key to increasing the number of
successful start-ups. Both IESE Business School and Delft University of Technology are
examples of successful entrepreneurial ecosystems.
Main hurdles Of Startups :
- getting to know customers and suppliers
- raising funding
- building the team.
Successful ventures surmount these hurdles by gaining rapid access
to the necessary business know-how and experience.
In general, firms founded by the more experienced IESE entrepreneurs grow much
faster than Delft University of Technology firms. Due to the nature of the mBa, EmBa
and GEmBa programs, IESE entrepreneurs have many more years of work experience
under their belt, and they have augmented this experience with significant business
knowledge gained during the program.
- teams are the best source of knowledge and experience – High-growth firms are
built by teams – you cannot do it alone. When building these teams, having a shared
vision and ways of working are crucial
Experience and winning business models
When asked to name the source of their competitive advantage, high-growth firms
mention their business models. High-growth firms develop business models that
change the rules of the game in an industry. Developing a winning business model
requires extensive business knowledge and (industry) experience.
Ecosystems allow entrepreneurs to better and more quickly develop their initial ideas into viable businesses.
more and stronger European ecosystems will deliver more start-ups and achieve higher success rates.
Within the ecosystem, the venture feeds on two levels of networks: the open network of acquaintances through which the entrepreneurs get in touch with customers, suppliers, financiers and other supporters, and in which they establish their reputation. The second level of network – the “close” network – is even more important. With these contacts, the entrepreneur can speak openly about his or her ideas and worries, and
get honest and immediate feedback that helps them develop their ideas better and faster into a viable business. However, a major prerequisite here is trust. The more people trust each other, the more information they will share, and the better feedback they will get.
Redisign the Product the 90% of Startups
Entrepreneurs must question every premise on which their
venture is based: “Who are my customers?”, “What is their need?” and “How can we
make money fulfilling this need?” Only about 10% of all start-ups in our study did not
fundamentally change any aspect of their original plan. The ecosystem is essential for providing fast
and quality feedback for the development of the firm.
Firms corporetion and startups
Big Firms and Startups
Apple, Google and Nokia maintain extensive networks of small companies, to name a
few. many of these small companies are start-ups that not only take on subcontracted
work but also supply the larger firms with innovative ideas. Companies like Intel and
motorola have established in-house venture capital firms. The pharmaceutical industry
is known for its extensive involvement with venture companies often associated with
universities and research institutes. for corporations, buying from start-ups can be a
very powerful way to innovate. In their experience, start-ups often are more effective
and efficient in both originating innovative ideas and in developing them into usable
products. In Europe, successful ecosystems have often arisen around corporate
operations. Examples include Espoo (around the headquarters of Nokia), Toulouse
(airbus), Eindhoven (philips and aSmL), münchen (BmW and Siemens) and Basel
(roche and Novartis).
for the start-up and its entrepreneurs, corporations can be both a critical launch
customer as well as a highly valued source of experience and know-how.
In the preceding pages we discussed how early commercial contacts play a crucial
role in the first months of a start-up. Buying innovative products from start-ups thus
creates a market. for entrepreneurs, we have found that having a rapid external
feedback loop (contact with potential customers) is essential in establishing innovative
start-ups and that contracting clients is one of the main hurdles to starting up an
(innovative) venture. Corporations can take on this role. We also mentioned how
important experience and know-how are for the survival of a start-up in its first months.
Corporations are particularly suited to providing this experience and know-how.
How ecosystems could help startups
CONCLUSION
- Europe urgently needs to increase its flow of successful start-ups.
- New start-ups lack experience and know-how.
- More and better entrepreneurial ecosystems with networking coaching, training and timely financing are key to building experience and know-how.
- Corporations and entrepreneurs have the responsibility to foster and benefit from increased cooperation by exchanging knowledge and experience (for entrepreneurs, by entrepreneurs).
- Knowledge institutes and governments play a productive role in building and strengthening ecosystems and effective support structures.
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