2 minute read
Guest Column/RAMP
Compounding the Impact
We’ve only just begun.
Advertisement
Many hands and hearts have come together to bring RAMP, our Regional Accelerator and Mentoring Program to our Fifth Birthday. FIVE seems significant, and it is, but we recognize we are just getting started. Our goal is for every entrepreneur to have the support they need to thrive in our region, and working together, we are making progress.
Like most accelerators, we have shared metrics to document the impact of our work. For example, we’ve reported companies who have hired new employees, received grants, obtained investments, and grown sales. However, as you can imagine, documenting the total impact is difficult. Unfortunately, not all success rolls up to a number, and building a robust entrepreneurial community takes time.
RAMP is fortunate to be a member of GAN, the Global Accelerator Network. GAN serves 140 accelerators worldwide and has been at the forefront of the entrepreneurial building industry with thought leadership, best practices, and access to resources and capital. GAN began over 15 years ago to support the development of accelerators. Recently, they looked back over all their data to produce a new whitepaper that documents the impact of accelerators on communities like ours.
“Accelerators have proven to be not only viable, but critically valuable, and not just to the startups that join these entrepreneurial systems. Corporations, investors, civic institutions, and others are all realizing benefits. Accelerators provide a blend of returns, only some of which can be measured on “vanity metrics,” such as capital raises, exits, and job creation. The more we, the GAN team and I [Eric Mathews], thought about and researched accelerator returns, the more we found that existing accelerators are likely at the beginning of a period of compounding Impact and results that may even exceed direct investment returns in value. While we see the accelerator model at a point of maturation developmentally, we do not want to mistakenly view this maturation as linear, or even at a plateau in terms of returns and opportunity, when the reality is there are larger returns yet to be realized.”
It turns out that helping startups thrive wherever they call home is an essential economic driver for the entrepreneur and the community. Even startups that fail benefit the community, which is a message that is important to share. These entrepreneurs are likely to start another venture or take a position within an existing business, bringing their knowledge of the innovation process with them.
There is more to consider, and we invite you to the conversation.
GUEST COLUMN
GAN’s whitepaper, Reviewing 15+ years of Accelerator Dividends: Innovation & Entrepreneurship Returns and a Roadmap for Future Success, is available here: RAMPRB.tech
By Dr. Mary Miller, PH.D.
Executive Summary:
The director of RAMP shares an update on the technology accelerator program.
