Join us this week on the podcast for our 100th show! To celebrate this event, we went back to where we started from in our very first podcast with an entrepreneurial roundtable discussion with local innovators in the community. This week on the podcast we sit down with Chris Lukenbill, Hunter Downs, and Jamie Sundsbak to talk about entrepreneurship in Rochester.
On the podcast today, we discuss:
· The definition of an entrepreneurial ecosystem and why they are important.
o We talk about an entrepreneurial ecosystem as the networks that surround entrepreneurs and help to address the needs of those innovators.
o Also important to an entrepreneurial ecosystem is the will and spirit to be an entrepreneur.
o And lastly, a community that is supportive of risk taking and trying new things is also essential to an entrepreneurial ecosystem.
· Major milestones that have occurred in the Rochester entrepreneurial community over the past two years.
o These milestones include the continued growth of the community and the emergence of events like 1 Million Cups Rochester and Startup Weekend, which can serve as conduits to the entrepreneurial community as a whole.
o A very recent milestone is the announcement of the Collider Foundation, a nonprofit focused on building the Rochester entrepreneurial ecosystem.
o Important events also include the continued growth of companies Sonex Health and GoRout, organizations that are capable of having a large presence in Rochester.
o The emergence of initiatives like Red Wing Ignite and Minnesota Ignite are also imperative with their efforts to build up communities and augment resources.
o Over the last few years, we’ve also seen an increased number of applications from Olmsted County to the Minnesota Cup business pitch competition.
o There is also heightened awareness of businesses starting up in this city, including elevated business growth outside of the medtech space.
· Gaps existing in Rochester’s current entrepreneurial community.
o We talked about the difficulty of going outside of early stage growth communities to obtain talent for young companies.
o Location is also important and marketing the importance of that location is essential to building an entrepreneurial ecosystem.
· Observations in other entrepreneurial ecosystems of methods to spur entrepreneurial activity or business development.
o This includes instances of 100% tax rebates for investments in high tech companies and up to 100% matches on SBIR grants.
o We also need to make a dedicated investment in talent to spur entrepreneurial activity locally.
· Activity taking place in the community right now that hints to where our entrepreneurial ecosystem is headed.
o This includes increased construction activity, which might not be matched with the amount of people and workforce being recruited to the city.
o We’ve seen an increased sprit of entrepreneurship demonstrated from Mayo Clinic.
o Rochester experienced an increased number of freelancers with versatile skill sets.
o We have not seen the emergence of quite as many companies as we might have expected over the past two years.
o There is also a general lack of incentives in the community to be entrepreneurial and a lack of culture for young people.
· Events taking place over the next few months in the Rochester entrepreneurial community including:
o Startup Weekend
o The Assistive Tech Challenge
o Global Entrepreneurship Week
o Walleye Tank
o The Ag Tech Challenge