How to win business leaders and entrepreneurs and influence business tourism to your city.
For decades, the Silicon Valley has been more than just a place on a map. The Silicon Valley is an international symbol of innovation. Other regions around the globe look to imitate the model that the Silicon Valley has established, in hopes of becoming the next big global hub and hot spot for innovation. The key to turning your town into the next Silicon Valley is in understanding why and how the model succeeds.
Why the Silicon Valley Model Succeeds
Silicon Valley is the birthplace of numerous powerful startups that are now known worldwide. Companies such as Google, Facebook, Apple, and Twitter are obvious examples of major billion dollar companies started in the Silicon Valley region, and are powered by their motivation to impact our world.
Becoming the “go-to” place for innovation means being equipped with unlimited knowledge, resources and funding to help those who have an idea and want to become a world changer. With Millennial graduates of elite universities recruited by influential startup companies, businesses can search the immense pools of talent to find employees that are best fit for their companies.
More important than just gathering a lot creative minds is the way that these young entrepreneurs push innovative ideas: sharing the hottest personal development books, listening to influential people, or just via competitive pressure of socializing together.
How the Silicon Valley Model Thrives
The Silicon Valley seems to draw in those young entrepreneurs that have a strong motivation and a willingness to accept new ideas. One of the keys though, is perseverance and commitment. Those who come to the region understand that success isn’t just going to happen overnight, that it will take time.
There is a prevalent acceptance of the idea that most startup companies in the SV area know that because it takes a lengthy time for an innovation-based business to become successful, that they aren’t likely to make much profit in the beginning. Even going so far as to make it acceptable that a revenue model is not a business or investment requirement.
Another quality that sets these innovators apart from others is that they are willing to take risks. When looking at some of the billion dollar companies that were born in the Silicon Valley, you notice that they embrace their failures. These companies learn from the mistakes that they, and others in the industry have made.
Many companies within the Silicon Valley throw the original business model out of the window and create their own targeted more towards a consumer-first, market-driven process. They come up with strategies to drastically spread the word about their services and products and in turn, these small companies blow up into large corporations in only a matter of time learning from each other what is or isn’t resonating with the market.
Making Your Town the Next Innovation Hot Spot
The constant emergence of vibrant people, new information and technology makes an area very attractive. Developing new industries and innovative approaches are going to attract influential people from around the world to your town. Business leaders and budding entrepreneurs will want to visit your area to meet successful Founders and understand the impact that they might have on the rest of the world.
Throughout the years, the Silicon Valley has proven to the rest of the world that it is much bigger than just an area. The Silicon Valley has a way of thinking that inspires business owners and startups all across the globe and will continue to do so in the decades to come. Why can’t your town be the next innovation hot spot?
Read the original INC article published on April 27, 2016.