Opinion by Jon Atkinson
Now a normal part of New Orleans’ lexicon, the word “startup” evokes excitement and energy. A startup’s job is to figure out new and innovative business models, bring novel technology to market, fill underserved gaps in existing marketplaces — and, most importantly, to become a larger business, quickly. Being a startup is typically a temporary phase in a company’s life cycle. It is one characterized by the “search” for unique ways that the company will create value later. Established businesses, by contrast, know their business model and optimize to “execute” it.
Like any good startup, The Idea Village has spent considerable time and energy searching for its ideal business model. Since its founding in 2000, The Idea Village has been a critical part of catalyzing a cultural shift to embracing the new and different and empowering our community to “trust their crazy ideas.” Programs such as New Orleans Entrepreneur Week (NOEW), IDEAcorps, and the IDEAx Accelerator have forged connections, championed a needed dialogue around entrepreneurship, and helped build a foundation from which others have gone on to succeed. The leaders who came before me believed that New Orleans could be an innovation hub, well before that idea was cool.
Today, we have an opportunity for The Idea Village to transition from is initial phase as a startup catalyst to operating as an execution engine that serves startups, their founders and employees, investors, mentors and resource providers.
We must leverage our experience and history to become an execution engine that helps others search for their business model. We also must become a repository of knowledge concerning the problems that are common to early-stage, high-growth startups and package this knowledge into meaningful solutions for the companies we serve. It is our job to do this, so founders can focus on what really matters: building industry-specific expertise, developing their business model and creating meaningful solutions for their customers.
Building great companies doesn’t happen overnight. For every glowing press release about a startup’s success, there are often years of toil, lost sleep and worry about making payroll. Building a vibrant ecosystem is an even longer-term proposition. When I listen to TPG founding partner Jim Coulter’s keynote every NOEW, I find myself wondering where this guy hides his crystal ball. However, I think his secret is that he always has his eyes on the horizon, looking 10, 15, 20 years down the road. To be a successful entrepreneurial community that fosters startups and innovation, we must have staying power and be willing to absorb — and even celebrate — failure.
Staying power is a challenge for startup communities across the country and for many potential founders. To increase our staying power as a community we must build great companies that generate opportunity for people from all backgrounds. Great companies cultivate a cycle of entrepreneurship by training and seeding the next generation of founders. To start this cycle, we must band together as a community to focus our resources on the long-term.
The first phase of building this ecosystem is to create a culture that is accepting of risk-taking and innovation. New Orleans is unique in that we are one of a few places in the country that has meaningfully moved the needle on creating an entrepreneurial culture over the past 15 years. Organizations like The Idea Village helped foster that culture.
The second phase is about cultivating businesses that can succeed at scale. This means solving more meaningful problems, tapping bigger markets — often beyond our borders — attracting capital, managing rapid growth and cultivating, attracting and retaining top-tier talent. The Idea Village was a leader of the first phase; we are now called to search for the resources and solutions to empower and master the second.
If we can successfully make this transition, it will unlock the potential for meaningful economic and community development. This means jobs, upward mobility, opportunities, economic “exports” and civic leadership on a new level.
Building an ecosystem that supports entrepreneurship means we can be who we want to be (a thriving, innovative business-focused city) without compromising who we are (eccentric, fun, a truly unique city). And if we do this right, we can continue to be New Orleans, celebrating our history, culture and sense of place, while creating economic opportunity to improve our neighbors’ lives.
I look forward to leading the Idea Village in this next chapter, so that in another 18 years we can look back again on what we’ve accomplished.
Jon Atkinson is the CEO of The Idea Village in New Orleans and the former director of the Center for Entrepreneurship and Community Development at Loyola University New Orleans.
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