“A Startup Ecosystem is formed by people, startups in their various stages and various types of organisations in a location (physical and/or virtual), interacting as a system to create new startup companies”. From www.startupcommons.org
It’s like cooking a dish in the kitchen, there are a different ingredient which needs to be put in at right time under right cooking conditions to get the delicious meal out.
People willing to come for founders, capital to support, government, investors and policy support which enables start-u to grow. A vibrant community with different elements like media support to highlight role models, mentors to bring people together, academic and business institutions to support in the journey to encourage young people to start their own business for right reasons.
Silicon Valley is considered the gold standard for the startup ecosystem. The role was played by academic institutions such as Stanford which helped the entire tech ecosystem which included not only unicorns but also mid-scale companies, like minded people doing small-scale companies which led to Venture Capitalists see the opportunity to invest in them.
Building an Ecosystem is tricky in this manner because when confronted by statistics such as out of 100 startups being funded only 8 were able to see day of light or light at the end of the tunnel. But the rest have got their crucial learning experience.
How you can gauge other people and propose ideas are best perks of the ecosystem. Working individually in this changing world will not work correctly as everybody is thinking in their own way and no one is thinking about others will lead to the crash.
Ecosystem is all about founder and it is tailored made to the local city. At the beginning it has to work really well for the ecosystem to mature. The idea is to find one or two startups that are doing really well, help them scale and thencreate success stories.
Pushing people to the concept of sustainability such as automation with different life experience encouraging a different way to live. This also ensures the founders knowing the resources available at the disposal and the networking events where there is learning from other people in the ecosystem.
These new technologies are disrupting giant companies and every big company is open to do business. There are initiatives on creating a culture of Intrapreneurship or employee within the corporates engaging on regular basis in projects and innovative initiatives which are deviation from the business as usual.
Big companies have multiple gaps in their processes, the idea is to find one gap and fill them. When a startup wish to work with big companies they have to get their homework done of what the organisation is doing. It takes time to build the relationship and once the trust is established the business goes long way.
Sales cycle in B2B business is long and if a startup is genuinely solving a problem or easing out the process making it efficient it is worth the shot.
So it is a combination of people in the ecosystem and people running organisation which create a cohesive system for a budding startup to leverage the opportunity to solve a problem and create sustainable solution.