MISTAKE #3: Mixing up startup promotion and job creation goals

Today, we will focus on the last mistake in this series, which is preventing innovation ecosystems in many cities from reaching their true potential...

Today, we will focus on the last mistake in this series, which is preventing innovation ecosystems in many cities from reaching their true potential.

This is perhaps the most difficult element to understand.

Mistake #3

# Evaluating startups purely on their tech job creation potential

Common Mistake Alert: Startups are not mini tech corporations!

If you want to create high paying developer jobs in your city, your main focus should be on getting a tech offshoring company to set up an office in your city and hire developers. Not create startup programs.

“I can bring a corporate to the city that will hire 100 developers, or I can develop 20 startups that will create 100 developer jobs!”

Sounds fair, right?

It doesn’t! Don’t fall into this trap.

First, understand the true value startups bring to your city.

While tech corporations are your employment heroes, helping you stem the brain drain, startups are your idea heroes. Their true value lies in bringing innovative ideas in technology and business to your city, and then infecting your entire generation of young students and professionals with those ideas through the community they create around them.

Second, be patient. Startups take time.

Time to go from idea to product, from product to first customers, and then to global growth and first hires. Sometimes it takes years, but it’s worth it. Once you have a core group of smart entrepreneurs in your city, the knock-on effect is rapid. It’s like a viral infection of tech & business ideas, inspiring stories, global ambitions, spreading rapidly through your community.

Our advice: If you really want to be the next startup hub, be patient.

Then create the right conditions for your bright young professionals to play with their crazy ideas, get seed investments and their first customers. Don’t try to game the system by offering tons of free money and then expect startup founders to artificially inflate their engineering teams and build technology that no one will buy.

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