Londoners are encouraging entrepreneurship in new and different ways from the Valley
European business communities can learn from American tech communities and their many successes in spreading skills and access to funding. However, solutions cannot be “cut and pasted” from one environment to another and meet all needs. In London, Europe’s “startup capital,” unique offerings and applications of the American models are emerging in response to different conditions for entrepreneurs.
Much has been said recently of how London has a long way to go to develop a start up ecosystem to match California or even New York. (This recent Tech Crunch opinion piece provides the perspective.) It is clear there’s lots to borrow and learn still but London is also originating different solutions to growing entrepreneurship that reflect the its own unique culture and needs. Here’s 3 diverse examples that may be doing something not seen yet in the Valley.
- Applying Tech’s community models to other industries
London’s economy and international reputation in business has been built on the creative industries as much as finance. Fashion, advertising and music have been major cultural exports for decades, with the established bastions of each industry creating space, funding and training grounds for the underground voices to emerge.
It is remarkable to see that only recently have these industries realized that more could be done to stimulate the growth of entrepreneurs than internships at the BBC or apprenticeships on Saville Row. As sharing platforms enables Youtube stars in the arts and successes such as the Boiler Room to emerge outside the established networks, it seems a good time to borrow more ideas from tech’s entrepreneurial culture. In a move clearly echoing the work of incubators and entrepreneurial communities in tech, Creative Entrepreneurs has arrived to provide a hub of resources, advice and network for new voices looking to build cultural capital.
2. The “Pre-Founder” tech accelerator
Entrepreneur First focusses on tech talent in a different way from Valley accelerators. Instead of taking the best of the pitches into a development program, this organization persuades the local tech talent (often PHD level graduates) to explore being a founder. Entrepreneur First supports them “pre-idea” to try an alternative route to banking or academia for the UK’s world class talent. Recognizing that the start up scene isn't yet mature enough to automatically attract the most ambitious tech talent in Europe, they have found a way to “bring the mountain to Mohammed” and enable this crucial innovation capability to grow in the region’s commercial sector.
3. The charity opening “purposeful entrepreneurship” pathways to all
The “Ministry of Entrepreneurship” or MOE Foundation is working to “actively support young people, to break the rules of the game and positively disrupt their life experience by providing them with a supportive network, training, development, coaching, mentoring and leadership/entrepreneurial initiatives. These young people then become community ambassadors and role models to others.” MOE is role modeling “purposeful entrepreneurship” as a way to “defeat the poverty mindset” by gifting over close to a million pounds of skills training to young people in ways that encourage creativity, leadership and entrepreneurship. See more on their founder’s vision here.
While it is early days for all initiatives, lets hope this cross pollination of ideas leads to something new and resilient in the UK and beyond.