No Fools for Entrepreneur Summit Lookout

Recently, the Kauffman Foundation and the International Economic Development Council (IEDC) co-published an executive summary on their April 1, 2008 summit about entrepreneurship support programs.

They sought to address four questions:

1. What are the core components of an effective entrepreneurship support program?
2. What is the essential infrastructure of an entrepreneurship eco-system?
3. What are new avenues for research?
4. What steps should be taken next to facilitate high-growth entrepreneurs?

The results:

1. They determined the programs should structure their services to address entrepreneurs core needs
2. These needs are: a) relevant market knowledge; b) access to talent and capital; c) networks
3. Research on the programs value would be useful
4. Policymakers and stakeholders need greater awareness

Key components of an effective entrepreneurial support program should include:

• a recognition that limited resources forces concentration on particular segments
• structure to what the customer base needs
• function as brokers in the community, building bridges

The value of the entrepreneurial support program depends on three features:

• Ability to efficiently facilitate networks
• Management of peer-to-peer and mentoring programs
• Strength of program leadership

On the question of the entrepreneurial eco-system, the summit says that programs work best if they are part of a wider regional vision. The steps necessary to promote innovative entrepreneurship?

• Engage in partnerships with key community stakeholders
• Provide support in regulatory and business assistance
• Cultivate human capital for workforce development
• Facilitate access to capital
• Promote the commercialization of invention
• Create organizations as part of a wider regional vision