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How To Leverage Your Company’s Ecosystem

Tapping into a strong ecosystem that includes investors, experienced entrepreneurs, talent, and business advisers is key for success.

Silicon Valley continues to be the epicenter for tremendous innovation, including startups and global tech enterprises. Having the largest venture capital market in the world doesn't hurt either, in addition to the optimistic pioneer spirit that has made Silicon Valley the top R&D center in the world offering a unique ecosystem to startups. 

Other cities in the United States and around the world are aiming to replicate Silicon Valley's successful ecosystem. For example, Salt Lake City, Orlando, Boise, Atlanta, Nashville, and even New York are getting bigger footprints in technology, with the local governments developing plans to proactively attract and nurture the SMB community. The importance of the ecosystem can be seen in other cities as startup hubs emerge in cities ranging from Seattle to Boston and Portland to Austin, each with its own ecosystem offering support networks to assist entrepreneurs. 

Enlisting help 

The primary advantage of aligning your venture within the local business ecosystem is your improved access to experience and resources that can help you bring your venture to market quickly and successfully. 

As you develop your company's support network, keep the following in mind: 

  • Investors - In addition to capital, experienced investors can introduce you to resources within their portfolio companies or specific industry sectors. 
  • Incubators and accelerators - At the early startup stage, incubators/accelerators can provide short-term access to facilities and resources where company founders can network with other startup teams, share ideas, and learn from each other's experiences. 
  • Mentors - Experienced entrepreneurs, or people with critical technical or industry experience, can provide informal guidance about your company, technology, markets, or other important success factors. Effective mentors can draw upon their experience and relationships to introduce you to key contacts and provide valuable feedback. As your business gains momentum, mentors and investors can provide a starting point for recruiting advisory board members or directors. 
  • Advisers - Companies maximize their chances of success when they concentrate on what they do best and refrain from trying to solve business challenges they do not have the skillset to manage. Attorneys, accountants, and other professionals have the experience and knowledge to help founders manage these challenges and build a successful business. Advisers can also introduce company founders to their own ecosystems of mentors, investors, talent, and other advisers. 
  • Talent - While technical talent will likely be critical, startups often need to supplement their founders' skills in financial, legal, marketing, or other specialized functions. 
  • Economic development agencies - Many states and cities trying to foster companies and jobs offer financial and logistical support to growth-stage companies. 
  • Colleges and universities - Educational institutions can provide a rich source of knowledge, with many programs connecting businesses with key resources including labs, researchers, alumni, and startup ventures. 
  • Enterprises - A number of large companies and industry groups have developed initiatives to promote industry innovation and identify promising technologies. Many companies have programs to help founders with a number of resources including technology, mentors, and capital.

KPMG Spark can help

KPMG Spark is the new way to manage accounting for small business owners who struggle with DIY software and the never-ending administrative tasks of accounting. We take bookkeeping off your hands by leveraging intelligent automation, a custom financial dashboard, and a professional bookkeeper-in-the-loop. Contact KPMG Spark today to speak with an accounting specialist dedicated to your small to medium-sized business success.

The views and opinions expressed herein are those of the author and do not necessarily represent the views and opinions of KPMG LLP.

This blog article is not intended to address or provide advice concerning the specific circumstances of any particular individual or entity and does not constitute an endorsement of any entity or its products or services.

Some or all of the services described herein may not be permissible for KPMG audit clients and their affiliates or related entities.

The following information is not intended to be “written advice concerning one or more Federal tax matters” subject to the requirements of section 10.37(a)(2) of Treasury Department Circular 230. The information contained herein is of a general nature and based on authorities that are subject to change. Applicability of the information to specific situations should be determined through consultation with your tax adviser.

KPMG LLP does not provide legal services.

KPMG SparkAugust 16, 2022Posted In: Business Tips

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