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Growing Your Innovation Economy Through Startups

Growing Your Innovation Economy Through Startups

Posted by PanamericanWorld on July 26, 2016

Every single (net) new job created in the US in the past 25 years has been created by startups or SMEs, according to a recent study by the Kauffman Foundation. It is therefore no surprise that governments everywhere are looking to the startup world for tomorrow’s economic growth. The global startup revolution is upon us, and smart governments harness its power in ways you wouldn’t have thought possible.

YouNoodle has worked with many governments around the world as they have thought about and implemented startup attraction and engagement programs toward their innovation goals. We are particularly proud of our work with Startup Chile, which published some amazing stats recently through a Huffington Post article demonstrating that the investment by the government in Chile has been returned 4x! Among other impressive impact stats. So how can you make this happen in your country. My recommendation is focus on people.

I think that one of the secrets of Startup Chile’s success has been the focus on the people and community. In the selection process, the passion, determination and expertise of the people applying is of equal weight to the innovation of the business idea when selecting the winners. The result is that the caliber of people coming to the program is very high and thus an impressive group of people seeded the startup community in Chile. The program at Startup Chile has always required that these entrepreneurs actively participate in the wider Chilean business and startup community with the Return Value Agenda. In order to get the funding, entrepreneurs earn points for hosting meetups and mentoring local Chilean companies, which go towards the Return Value Agenda, thus creating an active community. In this sort of environment, the startup community has thrived and flourished, and inspired similar such Startup Nation programs globally.

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