Gustavo Alvarez from Techstars addressed how to build thriving entrepreneurial systems during his session at the Global Entrepreneurship Congress on Tuesday. Alvarez identified a series of pillars that facilitate entrepreneurship which are consistent across countries. These include talent, density, culture, capital and regulation. From Mexico City to Medellin, and from Tel Aviv to the US, these pillars encompass the key conditions required for a successful entrepreneurial economy.
Alvarez also argued that within these pillars, success and failure are not separate entities. Successful entrepreneurs have to go through failure to achieve success, and that failure is part of the process of successful entrepreneurship. This interrelation of success and failure is true across regions and cultures.
While it is important to theorize the key to successful entrepreneurial economies in order to promote this across the world, the global culture of failure and success is not homogenous. Some countries tend to stress more emphasis on failure than others such as Japan and Italy. For example, in these countries , the culture means that failure is not part of the process in many circumstances, but is the worst case scenario. The environment of some countries may mean that failure is the end of the line, whereas in other countries it is merely part of the entrepreneurial process.
Even so, Alvarez made a good point during his session. This configuration of pillars is useful for providing a benchmark for entrepreneurial systems in a global context.
Ellen Peacock is a student with the University of Sheffield and is reporting on the Global Entrepreneurship Congress in Medellín, Colombia.