How urban start-up ecosystems help cities adapt to economic transformations
February 18, 2017 Editor 0
Start-up ecosystems are emerging in urban areas across the world. Today, a technology-based start-up develops a functioning prototype with as little as $3,000, six weeks of work, and a working Internet connection.
Entrepreneurs are not seeking large investments in hardware or office space. Rather, they look for access to professional networks, mentors, interdisciplinary learning, and diverse talent. Cities are best suited to meet their needs, as they provide diversity and allow for constant interaction and collaboration. Thus, the shift caused by the so-called “fourth industrial revolution” makes cities the new ground for organic innovation.
The urban innovation model can be applied in cities in both developed and developing countries. The same trends are driving the urbanization of organic innovation ecosystems in New York City, London, Stockholm, Mumbai, Buenos Aires and Nairobi. This presents a great opportunity for developing countries to build innovation ecosystems in cities and create communities of entrepreneurs to support the creation of new sectors and businesses.
But while some cities have organically developed urban innovation ecosystems, nurturing a sustainable and scalable ecosystem usually requires determined action. Moreover, not all cities are building their innovation ecosystems at the same pace.
To support a local innovation ecosystem and accelerate its growth cities can promote collaboration through creative spaces and support networks, while also hosting competitions to solve local problems.
- How start-ups can turbocharge global productivity growth
- The start-up bubble: How abundant money is actually not helping
- Four ways start-ups can transform a city
- Entrepreneurs slaying dragons in South Africa
- Competitive Cities: Which Are They, and Why Should We Care?
- Disruptive innovations and new business models: The role of competition policy advocacy
Categories: World Bank PSD
What Africa Can Teach the United States About Funding Infrastructure Projects Connecting research-in-development dots and investing in dynamic scaling pathways – Africa RISING phase2 kicks off with science for impact event
Subscribe to our stories
- Giving Francophone African incubators the keys to accelerate growth entrepreneurship February 13, 2018
- Is acceleration the panacea for scaling growth entrepreneurs? Reflections from XL Africa February 13, 2018
- Why providing pre-seed and seed capital is the essential step to bringing West Africa and Sahel’s entrepreneurs to the next level February 13, 2018
- Global Investment Competitiveness: New Insights on FDI February 2, 2018
- BioInnovate Africa phase II launched February 2, 2018