Why Build Venture Ecosystems for Growth?

Ask a CEO to define an ecosystem and you'll get answers ranging from 'sales channel' to 'high school biology.' This piece explains why the venture ecosystems that actually drive growth look nothing like pitch days or hackathons — and what it takes to build one that delivers real returns.

Ask any CEO to define an ecosystem, and you’ll get as many different responses. Some see it as simply a sales channel, while others a marketing tool, a show of industry power & connections, and finally, some might hark back to their high school biology days. Still, those who define a venture ecosystem by pitch days, hackathons, or field trips to Silicon Valley will universally attest that they provide little in the way of tangible results for the corporation. Too narrow, too short-lived, too ethereal, too discrete are common reasons given, but when a venture ecosystem is understood, harnessed, and capitalized, so much more can be realized. A true Venture Ecosystem is a network of interconnected corporations and startups, engaging as a collaborative community to sustain and grow. If built properly with specific , actionable goals defined, a highly-effective bespoke ecosystem becomes a resounding platform of leadership for the corporation. It becomes the lynchpin in an interwoven set of relationships that fosters common interests, innovation, and revenue growth. A strategic ecosystem approach produces 5 key results New Market Insights Your teams are aware and sophisticated. Of course, they know the ventures and innovations on the horizon that have defined themselves in your industry. They are already visible or even knocking on your door. In order to build a strong, robust ecosystem, smart organizations must widen their venture view and look both beyond standard channels and geographies. By engaging a broad spectrum of ventures and taking an inquisitive look at how they are tackling the market, a corporation will be able to look beyond its own preconceived notions and amalgamate trends. What underlying technologies are needed to drive your company forward and what ventures are out there leading the pack even if they aren’t focused on your specific industry? What about upstarts outside your typical geographic viewpoint? Are the problems being solved in other parts

By Fred Hoch at TechNexus Venture Collaborative