Navigating the entrepreneurship support system. Super-project.eu Lecture 3

What is a support system? Ecosystems – supporting entrepreneurs Contents Aims for the session 1 What is a support system? 2 Ecosystems – supporting entrepreneurs 3 Summary 4

Aim for the session By the end of the session, students will: Understand the concept of the entrepreneurship support ecosystem. Understand what support is available within an ecosystem. Understand how various support can assist in successful entrepreneurial activity

What is a support system? ..and why is it important for successful entrepreneurial activity?

What is a support system? A support system is designed to support entrepreneurial activity in order to be successful. A number of resources are available for entrepreneurial activities. Examples include: Training and skills improvement, Financial assistance Business advice Networking opportunities Access to cutting edge knowledge etc… This system of support is often referred to as an ‘ecosystem’ in the entrepreneurial context. It can be regional or national in scope.

Why is it important for successful entrepreneurial activity (1)? Societal well-beiInstitutions, governments, business communities and societies recognise entrepreneurship as essential to; Economic, Social and industrial development Wealth creation ng “Europe’s economic growth and jobs depend on its ability to support the growth of enterprises. Entrepreneurship creates new companies, opens up new markets, and nurtures new skills…” as the key to ignite growth…(and so our objective is to)…encourage people to become entrepreneurs and also make it easier for them to set up and grow their businesses” (European Commission, 2016).

Why is it important for successful entrepreneurial activity (2)? Developed entrepreneurial ecosystems in a particular region can both encourage and support regional entrepreneurial activity. Neck et al (2004)

Elements of entrepreneurial ecosystems?

Elements of entrepreneurial ecosystems. Public institutions and Initiatives Regional level National and local level Business Incubators, accelerators & start-up labs Industry and private support Financial support systems Internet resources (SUPER project, 2017)

Public Institutions and Initiatives (Regional) Resources/Benefits Idea creation Idea testing and feedback Financial Learning and skills development Networks Public Institutions and Initiatives: European Union: Erasmus for Young Entrepreneurs X   Entrepreneurship Education Your Europe Business Portal Enterprise Europe Network SME Internationalisation Portal Social Entrepreneurship Support Europe

Public Institutions and Initiatives (National and Local) Resources/Benefit s Idea creation Idea testing and feedback Financial Learning and skills development Networks Public Institutions and Initiatives: European Union: Erasmus for Young Entrepreneurs X   Entrepreneurship Education Your Europe Business Portal Enterprise Europe Network SME Internationalisatio n Portal Social Entrepreneurship Support Europe

Incubators, accelerators and start-up labs Resources/Benefits Idea creation Idea testing and feedback Financial Learning and skills development Networks Business incubators/accelerators and start-up labs Business incubators/ accelerators/start-up labs   X Makerspaces

Industry and Private Support Resources/Benefits Idea creation Idea testing and feedback Financial Learning and skills development Networks Industry and private support Business Clubs, Guilds, Entrepreneurial networks X   Industry/trade fairs Co-working spaces/managed work spaces

Idea testing and feedback Learning and skills development Financial Support Resources/Benefits Idea creation Idea testing and feedback Financial Learning and skills development Networks Financial support Banks   X Business angels & VCs Crowd funding

Idea testing and feedback Learning and skills development Internet resources Resources/Benefits Idea creation Idea testing and feedback Financial Learning and skills development Networks Internet resources Internet resources (training courses, information about entrepreneurship)   X LinkedIn, Facebook, discussion forums

Summary 1) Ecosystems exist to support entrepreneurial activity. This because; Entrepreneurship drives economic, social and industrial growth Entrepreneurship creates wealth Entrepreneurship contributes to societal wellbeing. 2) A range of support services and resources combine to create entrepreneurial support ecosystems at local, national and regional levels. 3) Each element of the entrepreneurial support ecosystem helps drive successful entrepreneurial activity in different ways.

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