On May 15th Director of Business Development Kate Maxwell and Associate Lori Geftic spent the day at US Chamber of Commerce, Washington, DC absorbing innovative and entrepreneurial ideas at 1776’s Innovation Day, a series of lectures that are part of 1776’s week long Challenge Cup. The Challenge Cup is part lecture and part pitch: thought leaders on subjects from health, to smart cities, to venture capital speak and entrepreneurs from all over the world compete for 1776 investments.
Nine Key Takeaways from 1776 Challenge Cup Innovation Day
1. Communities and civic institutions need to move from a phase of passive to active startup ecosystem support.
2. Power of data – better data analysis is needed for when start ups fail. There is a need to provide more targeted support at those fragile stages to ensure startup success.
3. The US continues to lead the innovation economy. Global entrepreneurship is hindered by risk aversion, a lack of success stories, and fear of failure.
4. Promotion of the free exchange of information among market participants has grown as has a sense of “coopetition” – combination of cooperation and competition
5. Peer-to-peer connections are by far the most valuable for startups. Connections are more valuable than money.
6. Creation of net new jobs came from businesses that were less than 5 years old
7. Cities can help startups by turning property into incubator space that draws people into the urban environment
8. Professional service corporations struggle to balance the value of working with innovative startups within their traditional business model as well as keeping up with the speed of startups’ decision-making process.
9. Capital investments from established corporations are becoming more important sources of funding for startups and provide a means for large corporations to stay relevant in the startup economy.