Introduction to Entrepreneurship Ecosystem Evolution
It has been seen that when the potential startups struck an idea and are in initial, early or later stages of the startup development, majority of times they do not know where to get what kind of assistance. Similarly, they have little idea on the sources of funding, intellectual property rights and legal framework of the country. At times they get trapped and sometimes due to difficulty in finding the right organization for assistance they simply give up the idea.
Therefore, in order to make informed effective decisions it is important to have a knowledge of the prevailing conditions in the marketplace of the essentials of the startups. These include, coaching, mentoring, venture capital, training and development, consulting, personal development, soft skills, incubator or accelerator facilities required, research and development, patent and copyrighting, legal and others. This will avoid replication and duplication of efforts. Similarly, knowledge of status quo helps identify opportunities and supports plan development to endeavor through right strategy.
This would help in first identifying the available services and stakeholders, then assist in knowing the deficiencies, efficiencies and proficiencies of these stakeholders.
Entrepreneurs are the backbone of the economy and play vital role in growth of business and enabling employment generation. However, entrepreneurs require right external environment, legal support, institutional backing, governmental policies and factor conditions in an economy to operate successfully and realize their own and the governments’ objectives. All these stakeholders together form an ecosystem. Critical review of existing initiatives of Saudi Arabia for entrepreneurship growth and identification of the existing stakeholders of the entrepreneurship in the country helps in assisting the startups and later stage entrepreneurs alike and they will not have to research deep and find the correct organization to identify for help. Similarly their work and potential for practicable interventions to further entrepreneurship reflecting country’s economic development process is needed to be identified as well for dissemination of this important information to all stakeholders in the eco.