UT Research: Catalyzing Moment Sought for Entrepreneurial Community

At a standing-room-only presentation of a University of Tampa study on entrepreneurial ecosystems, Tampa Mayor Bob Buckhorn described how the city is in the midst of an amazing transformation where the next 10 years are going to be critically important to moving forward.

“This university and this entrepreneurial center are a big part of that. As we start to grow and create that entrepreneurial not just class, but that swagger, that belief in young students that they can do anything, that they can be as creative as they need to be, that they will get the training here, that they will get the leadership here, that they will get the mentorship here, and they will go out and be that next generation of leadership and that next group of entrepreneurs that will drive our city for the next decade to come,” said Buckhorn.

The yearlong research study was funded through a $150,000 grant made possible by the Ewing Marion Kauffman Foundation. The study drew from more than 40 in-depth interviews with local entrepreneurs, industry and political leaders resulting in several hundred pages of data. The Tampa Bay area was selected as the subject of the research that lays the theoretical groundwork for future work in building an entrepreneurial econometric model.

“The team sought to expand the limited current theory in entrepreneurial ecosystems,” said Rebecca White, director of the John P. Lowth Entrepreneurship Center in the Sykes College of Business, where the Nov. 15 presentation was held. “The project sought to better understand the specific state of the entrepreneurial ecosystem in Tampa Bay and create a baseline for future research.”

The team, which included professors from the University of South Florida, Indiana University, American University and the London School of Economics, premiered a model that defined the dynamics and players in an entrepreneurial ecosystem providing a road map for cities seeking to become the next Austin, TX, or Silicon Valley.

Jacob Van Loon ’16, a double major in entrepreneurship and writing, served as the team’s research assistant. He had interviewed White while an intern for the Tampa Tribune last year and stayed in touch.

As the research assistant, he helped with data collection, tracking down interview subjects, transcribing their answers and helping code their responses. Towards the end of the process he was doing the logistics and public relations for the presentation. Now, he said he is following up on the guests who attended and helping in the writing of the white paper that will be submitted to the Kauffman Foundation.

“Participating in this project got me much more interested in the fields of analytics, business intelligence, as well as business and economic research,” said Van Loon, who is in the recruitment process for a Fulbright scholarship to teach English in Brazil, among other opportunities, for when he graduates this December. “It has been an honor to work with such qualified people and to be stationed in the entrepreneurship center. I could never have imagined finishing up my college career like this.”

The study found that many metropolitan areas — such as Tampa Bay — lack the collaboration and vision necessary to instill an entrepreneurial mindset. As a result, entrepreneurial endeavors often bottleneck and the entrepreneurial ecosystem fails to grow.

The research arrived at two main recommendations for Tampa Bay and any small metropolitan area.

First, entrepreneurial leaders must address the vision and lack of collaboration. Strong entrepreneurship ecosystems thrive on a strong mantra or brand. Secondly, education for all stakeholders in the ecosystem is critical to identify bottlenecks and build the entrepreneurial mindset. “Once the vision and an entrepreneurial mindset are in place, we believe the ecosystem will emerge,” White said.

“In Silicon Valley, investors are afraid of missing the next big opportunity. In Tampa Bay, investors are always looking for the next big opportunity,” White added. “That subtle difference encapsulates the mindset difference between successful and nascent ecosystems.”

Tampa Bay’s strengths include a strong and positive energy directed towards the development of a strong ecosystem, a diverse population, ample knowledge spillover, low cost of living, lots of incubation opportunities and an excellent international airport.

However, Tampa Bay’s ecosystem lacks collaboration, has limited corporate buyers for newly developed products or services and suffers from a splintered urban core and poor mass transit. There is plenty of investment capital available with $1.6 billion under management by local private equity firms, but entrepreneurs reported difficulty in gaining access to funding. As a result, Tampa Bay’s entrepreneurial ecosystem is often described as “emerging, young and ill-defined,” yet “ambitious and growing,” according to the research team.

White and Buckhorn said that rewards from fostering an entrepreneurial community are crucial for economic development, innovation, high-paying jobs, business creation and sustainable prosperity; but never occur without a catalyzing moment.

“It’s our road map to a brighter future,” said Buckhorn. “We need a plan; we can't take what we learn here tonight and put it on the shelf.”

For more information or to get involved, contact Jacob Van Loon at jacob.vanloon@spartans.ut.edu.