A Collaborative Vision for Entrepreneurial Growth
A unified collaboration of visionary leaders, dedicated to spur wealth creation and economic growth through fostering an inclusive and dynamic startup ecosystem in the Omaha/Lincoln region.
JP
by Joe Petsick
Regional Challenges
11%
Job Growth Rate
The job growth rate of 11 from 2010-2023 lagged behind U.S. growth of 20%
34/50
New Entrepreneur Rate
Nebraska ranks 34 in its rate of new entrepreneurs
35/50
R&D Spending
The state ranks 35th in business R&D spending and 33rd in academic R&D spending
49/50
Startup Survival
According to the Kauffman Institute Nebraska ranked 49th in startup survival in 2021
Omaha must prioritize innovation to enhance its competitive advantage and secure its economic future.
Economic Imperative of Innovation
Economic Imperative of Innovation Innovation is key driver of long-term economic growth and competitiveness in today's global economy "Innovation is the primary driver of U.S. economic growth and prosperity" - Brookings Institute It "accounts for more than 50% of long-term economic growth."
The Solution
Recommended roles for a backbone organization
Clear and prioritized Strategy
Provide vision and leadership. Coordinate additive efforts.
Advocates for policies and initiatives
Inform and advocate for public policy.
Serve as the "front door" of the ecosystem
Serve as a connection point between entrepreneurs and organizations.
Tell the regions story
Provide the branding and marketing to promote the ecosystem.
Identify and fill gaps in the ecosystem
Ensure resources are available to support startups and entrepreneurs.
Track and measure success
Continually assess the effectiveness of the ecosystem. Provide competitive benchmarking.
Why Omaha needs a coordinating organization
Why Omaha needs a coordinating organization In the absence of strong academic anchors, a strong convener is needed to fill the void. Every Tier 1 innovation region that does not have dominant anchor institutions has needed a strategic backbone organization to achieve success. Nearly every ecosystem builder interviewed mentioned the need for a backbone organization.
Successful Backbone Organization Examples
Central Indiana Corporate Partnership (Indianapolis)
Forged North (Minneapolis)
Backbone Organization Framework
MIT REAP Stakeholder Model
Regional Entrepreneurship Accelerator Program
As a delegate of the Omaha team at the MIT REAP program, we will embrace a collaborative stakeholder model to drive entrepreneurial growth. This involves deeply engaging corporate partners, philanthropic foundations, educational institutions, financial providers, civic leaders, and founders to collectively shape and support the startup ecosystem. By aligning these diverse stakeholders around a shared vision, we can strategically coordinate resources, investments, and initiatives to create a more inclusive and impactful environment for entrepreneurs to thrive.
Our Ecosystem Stakeholder Model
Our Ecosystem Stakeholder Model Entrepreneur Risk Capital Corporate Government University Philanthropy
Diverse Stakeholders, Shared Commitment
Corporate Partners
Providing guidance, resources, and mentorship to help startups grow and succeed.
Educational Institutions
Nurturing the next generation of entrepreneurs through entrepreneurship programs and partnerships.
Financial Partners
Offering financing, investment, and other capital solutions to fuel entrepreneurial growth.
Civic Leaders
Championing entrepreneurship and driving policy changes to create a thriving startup ecosystem.
Founders
The heart and soul of the entrepreneurial community, driving innovation and economic growth.
Philanthropic Foundations
Investing in innovative initiatives and supporting founder-friendly programs.
Backbone Organization Proposed Structure
Horizons
1
Creation & Acceptance
Socialize Concept
Funding
Communication Strategy
Bring Ops Online
Admin & Legal
Convene
2
Strengthen
Embrace Current Ecosystem
Support Existing Initiatives
Identify Gaps & Shortfalls
Amplify Successful Initiatives
3
Expansion & Growth
New Initiatives
Fill in the Gaps
Drive Momentum
Proposed Budget
By layering in staff judiciously and directing funding to supporting ecosystem initiatives a WIN-WIN situation is created on several layers. First, ecosystem champions who are already seeing success stay in their roles, the backbone org gets to leverage these stars while strengthening their existing work.
Fostering an Inclusive Startup Ecosystem
1
Accessibility
Removing barriers and creating equal opportunities for underrepresented founders.
2
Mentorship
Providing guidance and support from experienced industry leaders.
3
Networking
Facilitating connections and collaboration among startups and partners.
4
Education
Offering training and resources to help founders develop essential skills.
Strategically Coordinating Resources
1
Needs Assessment
Identifying the unique challenges and requirements of startups in the region.
2
Resource Mapping
Cataloging the available assets, expertise, and funding sources.
3
Targeted Allocation
Strategically directing resources to where they can have the greatest impact.
Supporting Innovative Initiatives
Accelerator Programs
Providing startups with mentorship, funding, and access to resources to accelerate their growth.
Pitch Competitions
Connecting entrepreneurs with investors and helping them hone their pitch skills.
Targeted Incubation
Offering specialized support and guidance for startups in specific industries or stages.
Ecosystem Events
Organizing networking events, workshops, and conferences to foster collaboration and learning.
Driving Impactful Investments
Strategic Partnerships
Facilitating connections between startups and corporate partners for investment and collaboration.
Venture Capital
Attracting venture capital and angel investors to fuel the growth of promising startups.
Public-Private Funding
Leveraging public funding sources and private investments to support innovative initiatives.
Data-Driven Decisions
Utilizing data and analytics to make informed investment decisions and track impact.
Elevating and Empowering Founders
1
Identify
Discover and attract promising entrepreneurs with innovative ideas.
2
Develop
Provide founders with the tools, resources, and support they need to grow their businesses.
3
Empower
Elevate founders as leaders and role models within the startup ecosystem.
Sustainable Growth for Omaha/Lincoln and Beyond
Budget to Build a Backbone Organization
Operational Expenses
Funding the core operations and staffing of the backbone organization.
Program Funding
Allocating resources to support the various initiatives and services offered.
Talent Development
Investing in the recruitment and retention of skilled professionals to lead the organization.
Strategic Partnerships
Establishing and maintaining collaborations with key stakeholders and funding sources.