A startup ecosystem is formed by people, startups in their various stages, and various types of organizations in a location (physical and/or virtual), interacting as a system to create new startup companies
Before taking a deep dive into the startup ecosystem, it makes sense to discuss how the whole startup world originated:
“A startup is an entrepreneurial venture which is typically a newly emerged, fast-growing business that aims to meet a marketplace need by developing or offering an innovative product, process or service. A startup is usually a company such as a small business, a partnership or an organization designed to rapidly develop scalable business model. Often, startup companies deploy technologies, such as Internet, e-commerce, computers, telecommunications, or robotics. These companies are generally involved in the design and implementation of the innovative processes of the development, validation and research for target markets. While start-ups do not all operate in technology realms, the term became internationally widespread during the dot-com bubble in the late 1990s, when a great number of Internet-based companies were founded.”
The First Startups:
While it’s not possible to tell what is the exact beginning of “the startup era,” it’s safe to assume that it has a lot in common with the emergence of the Silicon Valley business ecosystem. Thus, it’s also safe to assume that the first startups are the Silicon Valley companies, like, for example, International Business Machines (better known as IBM.) IBM was founded in 1911. Since then, it has grown to become one of the biggest hardware, middleware, and software manufacturers in the world.
What makes up a startup ecosystem:
Startups themselves, of course, are an indispensable part of any startup ecosystem. They play an important role in economic growth
2/Colleges, universities, and other education programs
Colleges, universities, and other education institutions play a fundamental role in nurturing talent and setting the next generation of entrepreneurs and startup employees on their paths.
Angel investors, venture capital firms, crowdfunding websites, loans and grants (private and government), and other funding providers all have their place within an ecosystem
4/Incubators and accelerators
incubators and accelerators are programs that help startups succeed by providing them with mentorship, guidance, training, strategy, partnerships, R&D, and funding.
Government agencies play an important role in regulating business,new businesses can take advantage and seek the help of government organizations that support entrepreneurs, governments can have a big influence on startup ecosystems.
Why startups ecosystems are important?
It Improves the Local Economy:
They create more jobs which mean more employment, and more employment means an improved economy.
It Strengthens the Network:
Nothing brings professionals closer than working together to launch a company. By facilitating the exchange of ideas, skills, and experience.
How to Build a Startup Ecosystem?
If you want to be involved in creating a startup ecosystem activity where you live, there are ways that you can contribute to building your local ecosystem :
1/Map the Local Market:
Before you set out to establish your region as an active entrepreneurial hub, you first must list out what it has that can benefit aspiring entrepreneurs. Startup resources may include co-working spaces, venues for networking events, preexisting professional networks and groups, accelerators and incubators, educational institutions specializing in business and entrepreneurship, government organizations, and many others
2/Step two: build and engage:
The next step is to start building the community. you must have accumulated a considerable network of industry professionals and experts. Your next step, then, should be to bring them together the best way for that is to organize tech and business events in your city
3/Spread the Knowledge:
Another great way to build a startup ecosystem in your city is to start mentoring other early-stage founders and their companies. by serving as a mentor to others, you are establishing yourself as an entrepreneurial expert and boosting your credibility
4/Work with Your Government:
the government to provide funds to the startups as venture capital. The government is also giving guarantees to the lenders to encourage banks and other financial institutions for providing venture capital
BUILDING SUDAN’S Entrepreneurial Ecosystem:
in Sudan, 249startups work as a vibrant entrepreneurial ecosystem that supports the growth and development of new startups in Sudan by providing them with an enabling environment and a set of different support programs and activities.