Startup Success. Creating a World Class Eco system. Gary A. Fowler, GVA LaunchGurus
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The document discusses the factors contributing to the success of startups, highlighting Riga, Latvia, as a prime location for tech innovation due to its favorable economic conditions and skilled workforce. It emphasizes the importance of passion, optimism, and competency-building in overcoming common startup failures. The document also outlines the role of universities, IT corporations, and government incentives in supporting a vibrant startup ecosystem.
Startup Success. Creating a World Class Eco system. Gary A. Fowler, GVA LaunchGurus
- 2. “The only way to do great work is to love what you do”… Steve Jobs
- 4. Examples of successful startups (From LaunchGurus) 185 Startups created 36% success rate $30M raised >700 jobs created >$143M valuation In just 3 years!
- 5. Why Riga? A) a safe and low risk access point for global companies and B) a springboard for top technology, information and innovation talent seeking a route out of Russia/Ukraine • Fastest growing economy in Europe • Fastest internet – Latvia #4 fastest Internet in the World (USA is #14) • Second largest city in N. Europe (bigger than Copenhagen, Helsinki, and Oslo) • Business Friendly: Low Tax rates – 15% corporate income tax; Low Labor rates • Ideal Location – Direct flights to all EU hubs; 1:15 min to Moscow; 2:45 min to London • Stable political system – Democratic, NATO member; Euro currency • International and fluent in English and Russian • Access to skilled workforce - IT Sector is 2% of GDP with rich resources from Baltics, Russia, and Ukraine.
- 6. GVALGIT Companies Universities Smart Investors Startup culture Govt incentives Highly synergistic elements of ecosystem support each other: •Universities – Local and foreign universities partner to train high demand talent •IT Corporations – Top IT companies gain access to top talent •Startup culture is promoted through events and conferences; generate awareness through high level speakers and expand network of clients, partners, talent, and ideas •Govt Incentives – Encourage developing high tech startups to come to Latvia to develop, get resources, investment, and build ties to Silicon Valley •Smart Investors – Not just capital, but smart money that promotes a culture of risk investing and an open community (VCs and Biz Angels), startups, and large companies. Components of a successful innovation ecosystem Business Confidential
- 7. Passion
- 8. Optimism
- 10. It needs to change…
- 11. 90%- innovative startups fail 80% - VCs fail Startup Accelerators are following the VC pattern Current State
- 12. Are they focused on creating value? or financial performance
- 13. But do VCs, Incubators, and Accelerators really address the reasons why startups fail?
- 14. Lack of competency Not understanding how customers buy Conflicts with partners or investors Top three causes for startup failure
- 15. Each of these causes can be eliminated through deep & applied skill and knowledge development
- 16. The key to successful startups Passion Optimism Visualization Competency-building Fostering a startup culture questionmark11
- 17. Thank you! GARY A. FOWLER CO-FOUNDER, GVALAUNCHGURUS gfowler@gvalg.com