Entrepreneurial Ecosystem

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Contents

Entrepreneurship Ecosystem (Mysore)        1

Executive summary and Background        1

Problem Definition or objective of research        2

Opportunities Identified        2

Research Design        3

Research Approach        3

Research Objective        3

Data Collection        3

Research Boundary        3

Data Analysis        4

Process to be followed:        4

Reporting        4

Time and Cost        4

Entrepreneurship Ecosystem (Mysore)

Executive summary and Background

The concept of an entrepreneurial ecosystem refers to the collective and systemic nature of entrepreneurship. New firms emerge and grow not only because heroic, talented and visionary individuals (entrepreneurs) created them and develop them. New ventures emerge also because they are located in an environment or "ecosystem" made of private and public players, which nurture and sustain them, making the action of entrepreneurs easier. For example, the existence of prior ventures, the availability of start-up financing mechanisms, a patent system and a culture tolerating failure all facilitate the creation of new firms. Conversely, the ecosystem can hinder entrepreneurship as is the case in corrupt societies or if an entrepreneur tries to introduce a radical innovation when no technical standard yet exists. an entrepreneurial ecosystem consists of elements that can be grouped into six domains: a conducive culture (e.g. tolerance of risk and mistakes, positive social status of entrepreneur); facilitating policies and leadership (e.g. regulatory framework incentives, existence of public research institutes); availability of dedicated finance (e.g. business angels, venture capital, micro loans); relevant human capital (e.g. skilled and unskilled labour, serial entrepreneurs, entrepreneurship training programmes); venture-friendly markets for products (e.g. early adopters for prototypes, reference customers), and a wide set of institutional and infrastructural supports (e.g. legal and accounting advisers, telecommunications and transportation infrastructure, entrepreneurship promoting associations). Based on this definition, governments can evaluate whether they have a strong entrepreneurial ecosystem and what actions they should put in place, knowing that each entrepreneurial ecosystem is unique and all elements of the ecosystem are interdependent. Therefore, generic reasons for explaining or creating a functioning entrepreneurial ecosystem or importing a single element from such an ecosystem are of little practical value.

Start-up Communities documents the buzz, strategy, long-term perspective, and dynamics of building communities of entrepreneurs who can feed off of each other’s talent, creativity, and support and thereby energise entire Mysore and industries. As the global economy continues to struggle, entrepreneurs and start-up companies are leading the way in creating new innovations, new products and services, and new jobs. They are rejuvenating the economies of many cities around the world as they create the basis for the next wave of economic growth. “Start-ups are transforming our society. Over the past 100 years, we’ve gone from an industrial era, where a hierarchical structure dominated business and society, to a post information era where the network is rapidly disrupting the hierarchy and transforming the way we work and live,”

There are four key components of a framework for entrepreneur ecosystems in a city.

1. Entrepreneurs must lead the start-up community.

2. The leaders must have a long-term commitment to the start-up community.

3. The start-up community must be inclusive of anyone who wants to participate in it.

4. The start-up community must have continual activities that engage the entire entrepreneurial stack.

Karnataka, the seventh largest state in terms of Gross State Domestic Product (GSDP) and 6.9 per cent of industrial cumulative annual growth rate (CAGR) for 2004-14 put it among the top 10 fastest growing state economies in the country. Karnataka seems to be advancing in building an ecosystem to further foster entrepreneurship in the state. In its recent budget, the state government had announced the establishment of incubation centres in the ICT sector, in association with some better-performing engineering colleges at the district headquarters, mainly to encourage entrepreneurship and innovation. In the Karnataka Information Communication Technology Group (KIG) 2020 report, entrepreneurship development and mentoring is one of the 10 initiatives for creating new opportunities and jobs. One of the proposals under this head is to build a 'Karnataka New Age Incubation Network', which is being implemented through KBITS. The scheme is called 'IT Incubation Centre Programme’. Incidentally, Mysore has been recognised as one of the emerging ICT cities.

Governments have been less successful in entrepreneur ecosystems, partly due to their lack of understanding of start-ups, hierarchical rather than network thinking, too much of dependence on election cycles and politicians’ agendas, and different culture and mode of operation as compared to start-ups.

Problem Definition or objective of research

Opportunities Identified

Mysore Chamber of Commerce and Industries reaches out to women entrepreneurs-Mysore Chamber of Commerce and Industries president S Sudhakar Shetty said Women entrepreneurs can get a loan up to Rs 1 crore.

Women heading small industries and businesses in Mysore have formed an organization. They have come together under the banner of the Mysore Chamber of Commerce & Industry to form 'Women in Small Enterprise" (WISE) The objectives of the WISE are to conduct professional training programme to improve women's professional and personal competencies for running a business, organize trade fairs to promote products and services, to impart guidance and help women realize the endless opportunities. It will extend its support to all women - housewives showing an inclination towards business, fresh graduates seeking guidance, women already established in business, thus emphasizing its support to entrepreneurs).