Educating an Ecosystem
AMBER RAVENSCROFT
Bridging Innovation Week 2023 at Oglebay . Photo by West Virginia Department of Commerce .
Ecosystem building has emerged as a leading strategy for economic development and community revitalization . With the launch of the West Virginia Entrepreneurship Ecosystem ( WVEE ), the state is at the forefront of this growing movement . What began in 2018 as a coalition of the willing has developed into a flourishing ecosystem of stakeholders . This network deploys three strategic activities to connect , co-create and educate on the importance of entrepreneurship-led economic development as a growth strategy for West Virginia .
Connect : Ecosystem Building
The broadest , most general definition of an ecosystem is , “ a complex network or interconnected system .” In recent years , ecosystem building has emerged as a novel profession at the intersection of community and economic development . Ecosystem builders help connect the fragmented , siloed parts of a local ecosystem to support the core of every entrepreneurship ecosystem — the entrepreneurs . The Appalachian Regional
Commission ( ARC ), a federal agency at the forefront of investment in ecosystem building and a visionary funder of the WVEE alongside the Claude Worthington Benedum Foundation , identified seven essential building blocks of an ecosystem . These include specialized infrastructure , talent , market access , community culture , regulatory / government support , business assistance and capital . Using these as the foundation , West Virginia connects key stakeholders through monthly calls and an annual convening called Bridging Innovation Week . This emphasis on connection helps educate individuals statewide on available opportunities and identify gaps for future co-creation .
“ When we started , there were a handful of people at the table . Several institutions were putting a lot of energy into development and duplicating services and events ,” says Bill Woodrum , co-founder of the WVEE . “ We realized quickly a need to coordinate efforts and to facilitate a mindset that we can do better by working together .”
Co-Create : Catalyzing Collaboration
Entrepreneurship-led economic development relies heavily on co-creation . By mapping the core building blocks and educating broadly on the purpose of ecosystem building , the WVEE supports collective action in addressing key barriers for entrepreneurs through co-created solutions . As the catalyst for this collaboration , the WVEE helps aggregate information and synergize those involved in building solutions to avoid duplication of efforts . What started as the simple sharing of a digital calendar has evolved into the establishment of WV BusinessLink , the state ’ s go-to platform for entrepreneurs and entrepreneurial support organizations . Bridging Innovation Week engages thousands annually . The WVEE is also launching targeted subcommittee efforts related to the core building blocks of capital , talent and regulatory or government support , cited as the areas of most need within the state . These subcommittees will engage key stakeholders within
WWW . WVEXECUTIVE . COM FALL 2023 67