Although I’m a P.R. Professional, I’ve worked closely with many startup companies for over 25 years and have observed what factors create a successful climate for startups to succeed. The creation of a strong environment for startups requires four major components: infrastructure, outstanding educational institutions, the ability to attract a talented and diverse workforce, and access to capital.
First, there must be a regulatory, legal, and economic infrastructure in place that both encourages and supports an entrepreneurial culture. Second, there have to be outstanding research universities that provide top talent and innovative intellectual properties from their technology transfer programs. Third, a strong startup hub must be able to attract a talented and diverse workforce. Clusters of affluent creative and technology professionals must be offered access to high quality urban resources that will allow them to achieve autonomy and professional growth, including health care and education; the construction of better and affordable housing for the urban population; a transportation infrastructure that will ensure their mobility or ease to travel both locally and nationally; the development of urban economies to provide better jobs; an increased supply and domestic demand for goods and services; and sophisticated networks to access energy and telecommunications, i.e., connectivity. Believe it or not, there are still remote areas of the U.S that lack telecom and are still using dial-up to access the internet.
Developing a Strong Environment
for Entrepreneurial Risk
by Patricia Vaccarino