Work has centered on the critical elements of capital, culture and commercialization
The Innovation & Entrepreneurship Work Group has identified strategies that touch three areas on the path to improving the KC regional economy:
Increasing access to capital: There is a common misconception within the KC business and entrepreneurial community that there is not enough capital available to fund the innovation being created here. The reality is that there is a lack of understanding and confidence in the process. The I&E Work Group is very close to announcing one solution that will introduce a co-investment fund to the KC market, reducing the individual investor’s risk and centralizing the due diligence needed to vet a new entrepreneurial venture.
Culture: The KC region’s entrepreneurial ecosystem has a reputation of being less risk-averse and more conservative than its competition on the coasts and in larger markets. The I&E Work Group is looking at solutions that would bring more entrepreneurs together with potential funders, centralizing the opportunities to meet and connect.
Collaboration: Greater collaboration between large KC area employers and the broader business community is important to the region’s growth and capitalizing on intellectual capital that is not currently being used. One strategy is to increase the rate of commercialization in the KC region by identifying sources of innovation within our largest companies. This includes ideas that have been sitting on a shelf for a long period of time that could be given to an entrepreneur or small to mid-size company to develop and commercialize.