How Cities can Become Better Than the Next Silicon Valley

Stop trying to become the next Silicon Valley. While Alicia Keys may be the driving voice behind the “do you” mantra these days, there is truth in owning what is uniquely yours. Silicon Valley has a corner on the capital market, but money alone does not build strong companies. A strong business model is key, and more cities should be helping entrepreneurs to find gaps and see them as opportunities. Phoenix has a compelling case to make to solar innovators just as Sacramento does for sustainable agriculture. Attracting and retaining brilliant minds to solve problems with assets that are unique to a region should be a focus for all civic leaders.Recognize that your success is not riding on white males with tech startups.  In 2015, 40 percent of new entrepreneurs were African American, Latino, Asian or non-white, and 36 percent were women. With an aging population, 25 percent of new entrepreneurs last year wereindividuals aged 55-64. When did you last read about the 60-year-old African American woman who raised a series A? Right.  Last year, companies with at least one female founder received a mere 10 percent of venture capital funding. Many startup competitions, angel network pitch nights and big wins in the local newspaper do not reflect these growing demographics. At SEED SPOT, we have launched several women-only programs, partnered with the International Rescue committee to serve refugee entrepreneurs, and launched “Véndeme tu Sueño” in partnership with Univision to serve more Latino entrepreneurs. Each emerging population is a huge asset for the entrepreneurial ecosystem.