Strengthening your City’s Social Entrepreneurship Ecosystem
Cities such as L.A., Austin, Boston, Seattle, Miami are great places for social entrepreneurs to set up their headquarters. These cities are flourishing with social ventures and organizations because of the resources they provide. What are the fundamental resources every community needs for social entrepreneurship to take root?
Read our checklist for the four elements necessary to ensure your city’s social entrepreneurship ecosystem thrives.
Seed funding, grants, and venture capital from both the public and private sectors infuse social enterprises with the capital that they need to get off the ground and grow.
2. Quality of Life
It is important to find a city that shares similar values to a social venture. Cost of living, transportation, and arts and culture determine an entrepreneur’s lifestyle and the level of community engagement. In addition to lifestyle, office real estate costs are a significant factor in fostering the development of social enterprises.
3. Human Capital
Access to engaged mentors, employees, and community members is vital to the success of social enterprises. Having a strong network of people who believe in the mission of the social enterprise will benefit the entire community and spread the mission even more.
4. Regulation and Receptivity
Regulatory environment, attitude, and public discourse about social enterprise can create an environment that either nurtures or stifles social enterprise.
In addition to these key resources, cities must also foster a culture that supports entrepreneurship and diversity as well as utilizes mixed-use building developments and effective public transit. By capitalizing on these resources and more, cities can build successful networks of social entrepreneurs and ensure a better future for their communities.
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