In cities and towns across the country, fostering entrepreneurship has become a key component to most economic development strategies. And while different types of entrepreneurs have different needs, there is a common framework of conditions and supports that are particularly conducive to a thriving entrepreneurial culture. Taken together, these conditions and supports are frequently referred to as Entrepreneurial Ecosystems.
Entrepreneurial Ecosystems align a variety of public and private efforts, networks, and other factors including government policies, funding and finance, social capital, place assets, regulatory frameworks, and more.
When aligned, these elements provide the necessary financial, social, and human capital to foster inclusive, local entrepreneurship in innovative and creative ways. In this way, the ecosystem model mobilizes the entire community to support local business start-ups, business growth or expansion, and transitioning businesses. From a drop-in space to marketing and from business law to financing, the idea is to surround the start-up with key elements for success.