December 7, 2021

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What is the role of government in an Entrepreneurial Ecosystem?

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This article was translated from our Spanish edition using AI technologies. Errors may exist due to this process.

Opinions expressed by Entrepreneur contributors are their own.

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Now that the revolutionary discourse dominates the official arena and that the fourth transformation of Mexico is supposedly the way forward, wouldn’t it be good to start a true revolution, but one focused on responsible economic development? Curiously, the most stale line of socialism, the one that just harangues and promises employment, is based on the creation of opportunities from entrepreneurs. So let’s take advantage of that enormous coincidence.

To achieve responsible economic development, it is necessary to balance the elements of what we now know as the Entrepreneurial Ecosystem. These elements are: human capital, finance, culture, companies, the market and the government.

Today I will focus only on the government, but not because it is the most important piece but because it is the one that has the most resources to start this battle; money, laws … and weapons.

So what should the government do to start this revolution? Although Daniel Isenberg explains them in greater depth, I will try to focus them on the Latin American reality.

  1. Love everyone, but prefer one. Separate well the initiatives that promote self-employment, those that support companies and those that promote entrepreneurship. Although the government should support all of them, it is advisable to focus on entrepreneurship for the simple reason that the first two could get ahead a little more easily. Entrepreneurship, on the other hand, requires a much more complex network with support to get off the ground.
  2. Assume yourself as an integrator, not as a boss. The government is a key piece for responsible economic development, in fact, it has a dual role: to be an authority and to be a facilitator. That is why it is important that the government have a not vertical or sectoral vision, but a holistic and horizontal vision, as if it were a work table, so that the entire Entrepreneurial Ecosystem identifies, shares and works jointly.
  3. Put the eye and there the bullet. It is recommended to select a certain number of high-potential ventures each year and work to accelerate them with all the resources available from the Entrepreneurial Ecosystem. Why? because people start talking about them, the academy gets involved studying them and nurturing them with human talent, capitals get closer, the media are interested, come on, an environment is generated that encourages creativity, innovation, changes and that’s when the revolution occurs.
  4. To concentrate. Unfortunately, talent is not found everywhere, it tends to be concentrated in demographic and geographical points because the Ecosystem makes it easy. This is complicated because governments generally have their sights set on electoral capital and this does not exactly allow efforts to focus where the entrepreneurial potential really is. Could both interests, the electoral and the entrepreneur, be attended to? I think so and it is achieved by integrating the problem with the solution, it is achieved by channeling the benefits of development, but first to the vulnerable population. Example: The new Amazon distribution center, located in one of the poorest areas of Tijuana, should be nurtured with the human capital of its surroundings, consequently, an economic spill would be expected for the area and it will surely improve.

These ideas could truly revolutionize the Entrepreneurial Ecosystem in Latin America, here is an interesting route that would allow governments to reconcile the reality of an innovative world with the social backwardness that negatively impacts our society. Yes, you can start a real revolution, a revolution in which we are all in the same boat, but not fighting against each other, but together against poverty, ignorance and unemployment.

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