A Blessing of unicorns: Edinburgh's Entrepreneurial Ecosystem
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Transcript of A Blessing of unicorns: Edinburgh's Entrepreneurial Ecosystem
A Blessing of Unicorns: Edinburgh’s Entrepreneurial
Ecosystem
Ben Spigel, PhD Chancellor’s Fellow
University of Edinburgh Business School
Entrepreneurial ecosystems are the environments
— good or bad — surrounding the
entrepreneurship process
Success of new venture
Idea Drive Skills
Entrepreneur Market
Timing Demand
Competition
EcosystemResources Opportunities Support
Culture is the most important thing Everything else depends on it
Dealmakers use their own social capital
to support their community’s ecosystem
they need to know how to work at startups
Ecosystems need more than smart workers;
Ecosystems should be led by entrepreneurs
Government should support the issues
they identify
Ecosystems mean more than lots of
startups
They are a community that support high-quality
entrepreneurship
Edinburgh has a lot of Unicorns!
Uni
corn
s pe
r 100
,000
resi
dent
s
0.4
0.7
1.1
1.4Sa
n Fr
anci
sco
Prov
o, U
TEd
inbu
rgh
Luxe
mbo
ugN
ew Y
ork
City
Bost
onSt
ockh
olm
Berli
nBe
jing
Tel A
viv
Sing
apor
eH
ong
Kong
Amst
erda
mVa
ncou
ver
Lond
onBa
ngal
ore
Los
Ange
las
Sydn
eySh
engh
aiW
ashi
ngto
nH
angz
hou
New
Del
hiM
osco
wSe
oul
Mum
bai
San
Paul
o
source: Forbes
And a lot of successful startups in many sectors
This is deeply weird
Edinburgh has a highly effective
entrepreneurial ecosystem
Why is Edinburgh’s ecosystem so strong?
Strong research universities
Entrepreneurs who give back
Thick social networks
High quality of life
Growing investmentsTo
tal I
nves
ted
(USD
)
$75,000,000.00
$150,000,000.00
$225,000,000.00
$300,000,000.00
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015source: Crunchbase
Lots of support organizations
Just the right size
How did we get here?1940s & 50s 1960s & 70s 1980s & 90s Today
Successful Ventures
Failed Ventures
New
Startup
Cultural confidence
Mentors
Upskilled workers
Global connectionsNew investors
and managers
Entrepreneurial
Knowledge
Intellectual
Property
Skilled
workers
But Edinburgh isn’t on the map
startup compass 2015 report
Issues facing Edinburgh
• Few big exits
• Creating an international brand
• Lots of angels but few venture capitalists and even fewer series B investors
• Attracting and keeping top talent
• Sustaining an entrepreneurial culture
Strengthening the ecosystem
• Celebrate the successes and the failures
• Work to build Edinburgh’s reputation on the international scene
• Create new connections within the ecosystem
• Build the organizations you need