Sunday, May 21, 2006
In Albany, New York, civic leaders are exploring whether there are enough entrepreneurs to power the regional economy. Read more.
During the course of the discussion, several participants commented on the importance of mentoring in order to train new entrepreneurs in the skills they need to build a business.
Economic development professionals often get this calculation wrong. They see the absence of startups in their region, and they think that the real problem is an absence of venture capital. While many regions can benefit from strengthening the networks of informal investors, early-stage capital follows good ideas. It does not create them.
The challenge most regions face is the challenge that the Albany region is exploring: How do you build stronger networks to support entrepreneurs and tranfer the skills they need to translate ideas into new businesses? As one participant in the discussion noted, this challenge becomes more difficult as university research accelerates. Earlier stage ideas and newer technologies make the translation more complex.
posted by Ed Morrison |
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Some Background on EDPro Weblog
The purpose of this weblog is to help economic development professionals -- EDPros -- keep up with the changes sweeping our profession. Strap on your goggles. It's a whole new game. There are no experts any more. The only place to learn about economic development is from other EDPros who are doing it.
One other point: the prevaling approach (paradigm, if you like) in economic development is shifting from competition to collaboration. There are a lot of reaasons underlying this shift, but here's the important insight: You, your community, and your region will do better by collaborating and sharing information.
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Speaking and workshops on Open Source Economic Development
As the idea of Open Source Economic Development starts spreading, more people are asking about it. Visit the I-Open web site to learn more. My colleagues and I are happy to explain the basic concepts in a talk or a workshop. E-mail Susan Alshuler if you'd like to learn more about workshops and speaking.
Background on Ed Morrison
Download some background information on me here.
Albany: Enough entrepreneurs?
