startup success. creating a world class eco system. gary a. fowler, gva launchgurus
TRANSCRIPT
STARTUPSUNLEASHING HUMAN POTENTIAL
“The only way to do
great work is to love
what you do”… Steve Jobs
Examples of successful startups (From LaunchGurus)
185 Startups created 36% success rate $30M raised >700 jobs created >$143M valuation In just 3 years!
Why Riga?A) a safe and low risk access point for global companies and
B) a springboard for top technology, information and innovation talent seeking a route out of Russia/Ukraine
• Fastest growing economy in Europe• Fastest internet – Latvia #4 fastest Internet
in the World (USA is #14)• Second largest city in N. Europe (bigger than
Copenhagen, Helsinki, and Oslo)• Business Friendly: Low Tax rates – 15%
corporate income tax; Low Labor rates• Ideal Location – Direct flights to all EU hubs;
1:15 min to Moscow; 2:45 min to London• Stable political system – Democratic, NATO
member; Euro currency• International and fluent in English and
Russian• Access to skilled workforce - IT Sector is 2%
of GDP with rich resources from Baltics, Russia, and Ukraine.
GVALGIT Companies
Universities
Smart Investors
Startup culture
Govtincentives
Highly synergistic elements of ecosystem support each other:•Universities – Local and foreign universities partner to train high demand talent•IT Corporations – Top IT companies gain access to top talent•Startup culture is promoted through events and conferences; generate awareness through high level speakers and expand network of clients, partners, talent, and ideas•Govt Incentives – Encourage developing high tech startups to come to Latvia to develop, get resources, investment, and build ties to Silicon Valley•Smart Investors – Not just capital, but smart money that promotes a culture of risk investing and an open community (VCs and Biz Angels), startups, and large companies.
Components of a successful innovation ecosystem
Business Confidential
Passion
Optimism
Visualization
It needs to change…
90% - innovative startups fail
80% - VCs fail
Startup Accelerators are following the VC pattern
Current State
Are they focused on
creating value?or financial performance
But do VCs, Incubators,
and Accelerators really
address the reasons
why startups fail?
Lack of competency Not understanding how customers buyConflicts with partners or investors
Top three causes
for startup failure
Each of these causes
can be eliminated
through deep & applied
skill and knowledge
development
The key to
successful startups PassionOptimismVisualizationCompetency-buildingFostering a startup culture
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