How does a region become a magnet for startups?

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Sramana Mitra, the founder of the One Million by One Million (1M/1M) global initiative which seeks to nurture a million entrepreneurs to reach a million dollars each in annual revenue and beyond by 2020, asks this hypothetical question: how do you stimulate a region’s entrepreneurship? In other words, how do we move beyond thinking we need to head to Silicon Valley to start a successful venture but rather achieve success in many major hubs around the world — say in Dublin, Ireland, or Kolkata, India?

“My hypothesis is that people fear risk when it looks like a large blob of unknowns. But if a population can be thoroughly educated in the mechanics of building a venture, gradually, the fear goes away. The unknown turns into a blueprint. This education – teaching the framework of business building – is at the heart of catalyzing an entrepreneurial culture.”

I think what Sramana is saying is that a region’s likelihood to foster innovation in the world of startups and rapid-fire entrepreneurial activity is directly proportional to its level of education on the mechanics of creating ventures that work. And that ties into a lot of what I’ve been thinking about myself in regards to the North Bay. In so many respects, the startup founders and innovators I’ve met in this area have to head down Hwy 101 to the city or the valley to make connections with valuable resources, get training, find funding, etc. Shouldn’t it be a top priority of the business infrastructure in this area (colleges, local governments, investors, etc.) to alleviate some of that necessity?

Seems like a no brainer to me.

Read Sramana Mitra’s full article here.



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