3 Lessons from the 2012 G20 YES
3 takeaways from the 2012 G20 Young Entrepreneur Summit
talent development.
succession planning.
triple bottom line.
Among others, these were three resonating themes that emerged from the Summit’s workshops and discussions – areas where I think Canada must pay serious attention now – in order to attract investment, retain talent and address society’s pressing needs.
About 2 weeks ago, I had the privilege of participating in the 2012 G20 Young Entrepreneur Summit in Mexico City as part of the Canadian delegation. I worked with delegates from around the world to identify the ways that governments and business communities can best harness the potential of young entrepreneurs, while also driving public policy and providing a voice for young entrepreneurs around the globe. I’ll share three key takeaways here.
On ecosystems
“Stakeholders within an entrepreneurship ecosystems are like a community of living organisms – they need a habitat, need to interact, need to share, and need constant nourishment in order to thrive.”
Delegates from across the G20 emphasized that thriving entrepreneurship ecosystems are necessary to better empower budding and support current young entrepreneurs. They agreed that ecosystems have to be properly architected – they don’t come out of committees or can’t be created ad hoc. And ecosystems need to extend beyond mere physical spaces to truly be more collaborative communities – and this must be facilitated.
What does this mean for Canada?
Delegates emphasized that ecosystems are talent-centric. While access to physical space, mentors, professional services, VCs, Angel Networks, etc. are important, ecosystems are communities that create the rich conditions for entrepreneurial talent to evolve, grow and thrive. And as such, need to be architected in such a way. The bottom-line: We cannot have high potential companies without high potential people. So, now’s the time to develop and execute on a coherent talent development/engagement strategy for Canada.
On inclusive growth
“Success is not measured by profit. Success is measured by the number of lives you’ve changed.”
Presenters emphasized that the Summit is not just about empowering youth to start businesses but also about empowering entrepreneurs to take ownership of the communities in which they operate. It is about building businesses that have genuine environmental, cultural and social awareness and responsibility at its core. As one presenter stated, “Over the last 50 years, we destabilized social structures, health and unsustainably exploited our natural resources in the cause of economic growth. The future is in the hands of those who consider inclusive growth.” There was an apparent recognition among delegates that growth at the expense of the environment or society is not growth.
What does this mean for Canada?
This is one of Canada’s ‘areas for improvement.’ We hardly push our emerging entrepreneurs to develop triple bottom-line business models from the outset. The world is headed this way and Canada needs to get up to speed. The first Canadian company to even appear on Corporate Knight’s 2012 Global 100 sustainable corporations is at number 43 (eek!). This is as important as your elevator pitch – want to be entrepreneurially successful? Have your triple bottom-line pitch ready. This is the future.
On succession planning
“Entrepreneurship is not just about startups – but also spinouts, spinoffs and buyouts.”
At the Summit, Daniel Isenberg said, “why is everyone focusing so much on startups? How can we afford to ignore other ways of creating and capturing value?”
Startups are on the rise around the world and this is terrific. But at the other end of the business spectrum, a huge demographic of seasoned entrepreneurs are considering options as they look to retire in the next 5-10 years. According to the Canadian Federation of Independent Business, most established businesses don’t have a clear succession plan. So, how can we encourage more young entrepreneurs to gain skills, mentorship and buyout established businesses over a number of years? How can we better facilitate succession planning?
What does this mean for Canada?
Canada stands to lose out – substantively – if we don’t develop a comprehensive succession plan strategy that every municipal economic development agency can buy into. We need to better connect seasoned entrepreneurs who are looking to retire with young entrepreneurs (and vice versa) who may not wish to launch a new business, but get hands-on experience, mentorship and take an established business to the next level. While there are a few organizations that specialize in this, there isn’t the general awareness and we rarely encourage young entrepreneurs to consider this as an option.
Vinod Rajasekaran is Co-Founder and Executive Director of HUB Ottawa.
