"Hard work plus luck is what gets you a jet instead of just a BMW.”…
Entrepreneurship
In an effort to spur on their local economies, many provincial and city officials have been wondering what it takes to create the next Silicon Valley. From cities in Canada, the U.S. and worldwide, we’ve seen the emergence of numerous policies all designed to encourage start-up activity. There have been taxpayer-sponsored VCs, mentoring programs, generous tax […]
"Hard work plus luck is what gets you a jet instead of just a BMW.”…
Over the past couple of years, I have been asked to give input on tech…
In an effort to spur on their local economies, many provincial and city officials have been wondering what it takes to create the next Silicon Valley. From cities in Canada, the U.S. and worldwide, we’ve seen the emergence of numerous policies all designed to encourage start-up activity. There have been taxpayer-sponsored VCs, mentoring programs, generous tax credits and direct subsidies, accelerators, incubators, and co-working spaces.
These may all be important programs that have some effect on changing the trajectory of a local ecosystem, however they neglect one key fact: great companies are built by great entrepreneurs who succeed despite an imperfect ecosystem, despite a lack of local capital, and despite the absence of good mentors. In other words, great entrepreneurs make it happen in unlikely places.
A prime example is how Greg Zeschuk and Ray Muzyka built Bioware in Edmonton (a city that had no gaming talent or large tech ecosystem to speak of). Bioware was later sold to Electronic Arts for $860M.
So does this mean that local governments are powerless when it comes to attracting special entrepreneurs like Zeschuk and Muzyka? Should they just sit back and see what happens? Not necessarily. Lately I’ve been wondering if there’s a role for a local Chief Talent Officer, whose focus is to attract the best and brightest to their cities and municipalities?
For example, some of the questions for a Chief Talent Officer to consider include:
This is no easy task, as all these areas span the authority of many different institutions and organizations. I’d imagine the Chief Talent Officer would spend the bulk of his/her time persuading other people and departments to do the ‘right’ thing. Yet I’m growing increasingly convinced that this is the only lever for large-scale, long-term results.
Helping an area’s local entrepreneur community is important, but that along won’t change the game or spark the next hotbed of innovation. Attracting the best and brightest from all corners of the world will.
Globalization and immigration are often hot button issues, but they can be crucial to local economies. Over the coming months, I’d like to think deeper about how local municipalities can spur a tech upsurge, and welcome your thoughts as well. Stay tuned.
Version One
It’s been about a little over a month since I joined Version One and returned to early-stage venture after spending the past five years as a founder in the addiction treatment space. While a month is a short amount of time, it’s been fascinating to see how certain things have changed during my time away. […]
The first week of September is my VC anniversary. This milestone is always a great…
VC funds go through challenging times world-wide but the situation in Canada is probably worse…