Thriving start-up community takes time

BOULDER, Colo. – The recipe for a thriving startup community comes down to four principles, according to Brad Feld, one of the country's premier experts on early-stage entrepreneurship.

Sitting in the basement of Spark Boulder, Feld explained his theories and experiences in Boulder before the city earned its reputation as a startup haven and beacon for young talent. Then the early-stage investor and entrepreneur gave about 60 Tallahassee delegates homework on the second day of their Inter-City trip sponsored by the Greater Tallahassee Chamber of Commerce.

"We have obviously experienced that in Boulder, but there are many, many, many cities that are building significant start-up communities," said Feld, author of "Startup Communities: Building an Entrepreneurial Ecosystem in your City."

Feld founded the Boulder-based Foundry Group – an early-stage venture capital fund that seeks information technology companies nationwide. His four principles of creating a robust startup community are:

1. The leaders have to be entrepreneurs. Every other organization is an important part but "it has to be led by those entrepreneurs," Feld stressed.

2. It takes time to build – 20 or more years, he said. Feld's been in Boulder for 19 years. "I'm not 19 years into my 20-year journey. I'm 19 years into a 39-year journey. You have to constantly be looking forward."

3. Be inclusive with anyone who wants to engage in the start-up community, regardless of experience or whether he or she is new to town or occupation.

4. Tap into a steady stream of activities and events that engage people in entrepreneurship.

He challenged the group to build on the network of professionals created by the trip and take a step toward helping a start-up company thrive in Tallahassee.

The second day of the Inter-City trip packed the most stops and activities. With each stop, the comfort level and energy rose and conversations grew louder every time the group returned to the bus bound for another stop.

Leon County Commission Chairman Mary Ann Lindley suggested a branding campaign referring to a "Magnetic Coast" with the National High Magnetic Field Laboratory as a central draw. During a recent discussion with employees at Danfoss Turborcor, they focused on the importance of the Mag Lab. Those on the Boulder trip seemed to grasp the importance of research as an industry on which to build.

"A lot of what we're learning out here is the integration of community and quality of life and research and development and businesses," Lindley said. The branding campaign could have a "real specific message."

Monday's schedule included stops at the University of Colorado, Rally Software, a leading provider of enterprise quality software and services, and TechStars, a network that offers seed funding and intensive mentorship in exchange for equity in a start-up venture. Afterward some group members admitted Tallahassee must come to grips with its weaknesses in order to reach the goal of becoming a thriving start-up community.

For example, J.T. Burnette, an investor and principle in Hunter + Harp and Tallahassee, said creating this kind of culture requires a capital first approach. He contends there's a need for more investors willing to make investments without knowing the return.

"It's taking a risk that creates a culture that allows a look outside the box," Burnette said, pointing to the potential for research to play a key role in Tallahassee's economic future. "What is research? It's an investment in trying to find an opportunity."

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Coming Wednesday

The last leg of the trip includes a talk at the Dairy Center for the Arts on creating a cultural hub under one roof and a closer look at the Federal Inspection Services at Denver International Airport.