ECONOMIC DEVELOPMENT QUARTERLY
collaboration.
events
aims to won’t
attract
and
Most economic Hosting
development
practitioners
be based
in a vibrant
ecosystem
Silicon Valley.
there
retain
tenants
to base like
themselves
in However
a particular
are elements
of the people
Play and gather,
Play model
be
space.
The more
the which
more can
likely
rolled out in Australia. For example, practitioners can:
connections
are made and collaboration is fostered.
• Conduct an audit of locally based digital innovators
This also
enables
major to companies
to capabilities.
access
and small
businesses
determine their
For example, capabilities may be social media
marketing, graphic design, app development or web
design.
• Use existing communications channels such as a
business e-newsletter to circulate a survey monkey to
gather data on the digital gaps local SMEs identify as
limiting their and competitiveness. Gaps may be social
media marketing, graphic design, app development or
web design.
• Use this information to host an event or online/face-
to-face forum to match local SMEs with locally based
digital innovators who can address their identified gap.
This collaboration will promote local procurement and
increase the value of business to business transactions
in the local economy whilst building the region’s digital
ecosystem.
matched with an extensive events program and
deep-pocketed venture capitalists to create a
density of activity which fosters collaboration, drives
innovation and has given rise to a very mature
digital ecosystem.
Start-up businesses accepted
into the Capital Factory’s
Accelerator Program have access
to 170 experienced mentors, who
make a one-year commitment to
mentor participants on a monthly
basis for free.
The Capital Factory demonstrates that mentoring is a
key factor when delivering an accelerator or incubator
program. Economic development practitioners can identify
the local digital champions in their community who may
have successful businesses but who often operate from
a home office or another location. These champions may
have national or international trade activity yet maintain
a low profile locally. However, these champions are an
untapped resource for local startups wishing to pursue a
business idea or scale up but needing a local mentor to
support commercialisation of their business. Practitioners
can foster this collaboration through local events, the use
of Meetup groups or via Facebook to bring enable the
‘master’ and the ‘apprentice’ to collaborate formally or
informally.
Companies who have collaborated with the Plug and Play Tech Center.
CAPITAL FACTORY, AUSTIN TEXAS
When the Capital Factory in Austin, Texas was
first established, it was exclusively an accelerator
for digital innovators to refine their business and
commercialise their product or service. However,
since then the Capital Factory has broadened
out to attract and host events to help attract
entrepreneurs. Incredibly the Capital Factory now
hosts approximately 1300 events a year!
Through events, the Capital Factory promotes
a sense of community which is at the core of its
success. Start-up businesses accepted into the
Capital Factory’s Accelerator Program have access
to 170 experienced mentors, who make a one-year
commitment to mentor participants on a monthly
basis for free.
The Capital Factory’s expansive mentor program
and highly competitive start-up scene attracts high
potential start-ups, all co-located in one location,
Storm-trooper and Darth Vader welcome visitors into one of the
floors at Capital Factory, Austin Texas.
ROLE OF UNIVERSITIES
An observation made during the study tour
was the role of universities in cultivating digital
entrepreneurship.
If cities, towns or nations seek to manufacture or
cultivate digital innovation, the role of universities
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