TLDR:
Key Points:
- An article discusses the importance of Unicorn-Entrepreneurs in building successful businesses and economic growth in local communities
- Four strategies are outlined for place-based programs to succeed in fostering high-performance ventures
An article by Dileep Rao on Forbes highlights the key role of Unicorn-Entrepreneurs in driving economic growth and success in local communities. The article points out that traditional policies focused on labor-based and business-focused programs have their limitations and suggests that the missing link in building unicorns everywhere is the presence of local Unicorn-Entrepreneurs.
The article emphasizes that small businesses mainly recirculate existing local money or export wealth by importing goods or services, while branch plants often seek regions with low wages and high productivity. It also highlights that venture capital (VC) typically works after evidence of potential, and that locally controlled growth businesses are essential for economic success.
Four strategies are outlined for place-based programs to succeed in fostering high-performance ventures:
- Focus on the entrepreneur – NOT on the Money or Innovation
- Make high-quality education universal
- Offer local training in emerging trends
- Train entrepreneurs to grow without venture capital
Rao suggests that to develop high-performance ventures, governments need to focus on training high-performance entrepreneurs to grow independently and sustainably. The article also points out the importance of investing in skilled entrepreneurs rather than offering VC before developing the necessary skills and proof of potential.
In conclusion, the article emphasizes the importance of Unicorn-Entrepreneurs in driving economic growth and success in local communities, and provides valuable insights and strategies for place-based programs to succeed in fostering high-performance ventures.
