{"id":399,"date":"2020-11-18T01:15:51","date_gmt":"2020-11-18T01:15:51","guid":{"rendered":"http:\/\/321-growth-academy-2023.local\/a-321-retrospective-what-have-we-learned-and-whats-next\/"},"modified":"2023-11-02T21:12:05","modified_gmt":"2023-11-02T21:12:05","slug":"a-321-retrospective-what-have-we-learned-and-whats-next","status":"publish","type":"post","link":"https:\/\/321growthacademy.com\/a-321-retrospective-what-have-we-learned-and-whats-next\/","title":{"rendered":"A 321 retrospective: What have we learned, and what\u2019s next?"},"content":{"rendered":"\n
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There\u2019s nothing quite like change to make us sit back and reflect on where we\u2019ve been \u2013 and 2020 sure has brought its fair share of ups and downs. <\/p>\n\n\n\n

One of my personal highlights was just yesterday, when I received the Rod Charko Service Award at the Start Alberta Tech Awards<\/a>, from the VCAA<\/a> (Venture Capital Association of Alberta). <\/p>\n\n\n\n

I\u2019ve been actively working in our tech ecosystem for a decade (what!?!) \u2013 and that work began around the time Rod hired me at Alberta Enterprise (AEC). My job was to build a strong tech ecosystem and ensure investors were plugged in. I see so many of Rod\u2019s ideas from 10 years ago in action \u2013 and delivering results \u2013 today. It was amazing to work alongside Rod and the AEC team, and so many other partners (too many to count) in this important work. It\u2019s been so rewarding \u2013 and fun!<\/p>\n\n\n\n

2020 has really got me thinking and reflecting\u2026 on what I\u2019ve learned through our work here at 321, and where we need to go from here. Here\u2019s a few insights to ponder\u2026<\/p>\n\n\n\n

Ecosystem building and investment growth have to go hand in hand<\/strong>. <\/p>\n\n\n\n

To build a thriving ecosystem that inspires entrepreneurship and supports our companies, we also need to ensure we have sufficient investment capital \u2013 at all stages \u2013 to fund their growth. I\u2019m not saying that capital is easy to get, or that everyone will get it, but there has to be a ready supply. Without it, our best companies will go elsewhere to find it (and maybe even take their teams with them).  At the end of the day, capital will help us attract great founders and great companies. We\u2019ve made some great progress on this front (thanks to AEC, our growing VC sector, the many angels that are stepping up, and the groups that support them). But we\u2019re not done yet \u2013 more capital is needed.<\/p>\n\n\n\n

It’s about more than capital, of course.<\/p>\n\n\n\n

There is no silver bullet to building a startup ecosystem \u2013 we need it all<\/strong>. <\/p>\n\n\n\n

Great tax policies that incent investors to take the risk of investing in our early-stage companies. Programs to support entrepreneurs that help them learn how to build and scale great companies (hello, 321!). A stellar talent pool so that founders can hire great people as they grow. Mentors that can help guide them through what is often a tough and lonely journey. We need it ALL. <\/p>\n\n\n\n

It also takes a village<\/strong>. <\/p>\n\n\n\n

Building the ecosystem isn\u2019t something that the government does. We have to take a collaborative approach to get the right stuff done, and get it done faster.  Sure, government policies and support are critical, but it also takes private investors and support from the \u201cbeen there, done that\u201d crowd. We ourselves have to be drivers of positive change \u2013 we can\u2019t just sit and wait for the government to take the reins. <\/p>\n\n\n\n

This is a long game. And to quote from the amazing David Edmonds, we have to BUILD, not BUY<\/strong>. Hiring folks from outside of Alberta might help us make short-term progress. But if they\u2019re only here because they\u2019re getting paid, then they\u2019ll leave when there\u2019s no money to be made. IMHO, the idea that we can import a solution to our ecosystem gaps by bringing in someone else is flawed thinking. It\u2019s more of the boom-and-bust mentality that hasn\u2019t served us well \u2013 and I don\u2019t think will create a sustainable ecosystem in the long term.  <\/p>\n\n\n\n

There\u2019s certainly lots of work to be done, but we have tremendous potential \u2013 we\u2019ll just have to roll up our sleeves and get it done together. <\/p>\n\n\n\n

And speaking of lots of work, this is going to take some time<\/strong>. <\/p>\n\n\n\n

We need to be fiercely ambitious, but we also need to be patient. <\/p>\n\n\n\n

But look how far we\u2019ve come in just the last 10 years. <\/p>\n\n\n\n