Economic Development

Jam with Jay

Jay Byers is a legendary leader. Tune into this fun episode of YDNTP, as Jay shares stories from 18 years as CEO of the Greater Des Moines Partnership and looks ahead to his new role as President of Simpson College!

We also talk economic development, evolving entrepreneurial ecosystems, the magic of music, and the value of modern education. This epic episode of #YDNTP was brewed in the Pour Over Publishing studio and features timely, but also timeless insight you won’t hear anywhere else. Special thanks for all Jay Byers has done for so many and remember, the best way to predict the future is to create it.

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By Ben McDougal, ago

Innovation in Iowa

Debi Durham is the Director and Anna Lensing is the Innovation Team Project Manager for the Iowa Economic Development Authority and Iowa Finance Authority. This government organization provides remarkable programs brewed to support business and innovation throughout Iowa. Tune in to hear us talk about the state of innovation in Iowa, ecosystem mapping, EntreFEST, non-dilutive financial capital for business owners, creative business succession planning, the legacy of John Pappajohn, tech-focused policy work, and what’s next for students, entrepreneurs, intrapreneurs, and community builders statewide!

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By Ben McDougal, ago

Venture Studios

Venture studios work with different startups to activate a portfolio of ideas into reality.

They invest financial capital, then use a long-term lens to enhance the chance for traction by pouring resources into each startup they invest in. A compounding collection of services are provided within these funds and full access helps everyone building together, often in sprints.

The compressed nature of the building process makes venture studios somewhat comparable to accelerators, yet with an extended, almost open-ended timeline. This emerging model can also be used as a form of due diligence for venture capital funds. While there’s still a lack of standardization and wonky economics have some investors questioning the long-term mechanics of such an approach to investing in startups, it’s no surprise that the innovation economy continues to drive fresh approaches to raising financial capital through the art of supporting entrepreneurs.

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This caffeinated contribution was written by Miles Dotson. I met Miles through mentor madness with Techstars. We bonded over our shared interested in this emerging approach to supporting entrepreneurship. Miles co-founded Devland, which is an investment company that focuses on new innovative ventures with brilliant technologists and wildly underestimated entrepreneurs. Devland provides an alternative mix of investment pathways for committed entrepreneurs with program guidance and direct funding through Series A.

The builders venture studios can attract, do not always have familiarity with venture capital and the language of finance. Whether you call them venture studios or startup studios, the word “studio” gives them the sense that there is a seat for them, regardless if they have a passion for a new idea or if they have formed initial traction. Terms, timelines, and investment theses vary between venture studios, as they should, knowing each company and fund provide different strategic values. After years of experimentation, our team is currently using the venture studio approach to conduct due diligence over an average of 14 months, working alongside builders, getting in the trenches with them, and advocating for their growth. This provides a much better gauge of the entrepreneur as a corporate builder, leader, and team builder — further validating our cause to invest and market them to firms upstream from us.

To bring this short intro to venture studios together, we can think about this as a validation-led approach to venture capital. The intention is to discover outsized returns from potentials who do not generally have network into the world of capital, relationships, and resources needed to build a market leading business. We are operators, product leaders, and venture capital thinkers who understand the role startup creation plays in the market. Our goal is to illuminate repeatable paths that often result in early acquisitions, stable long-term growth, or public market entry while improving the average cost required to create that outcome.

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This has been a fun little series, brewed around a few interesting actors within entrepreneurial ecosystems. There are many more key actors, factors, and instigators throughout any startup community, but we hope you’ve enjoyed this sip of awareness around Accelerators + Incubators + Coworking + Venture Studios. As always, subscribe to Roasted Reflections and stay tuned for what’s being poured next week!

By Ben McDougal, ago

#GiveFirst

The energy of accelerating others is unmatched.

When talking with others, forget potential transactions. Instead start by focusing on how you can help. People gravitate toward those who choose genuine selflessness over their own interests.

Showing you care can be as easy as a quick thought to help someone else take their next step. Perhaps there’s a helpful introduction you can make? It can even be as simple as showing you care enough to listen.

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Early in my career I was told that everything felt like a one-way street with me. From then on, I made an effort to listen first and talk less. This is difficult when all you want to do is invite people to your next event or sell whatever it may be. Be willing to show up, stand out, and follow up to seal the deal, but pave two-way streets that allow your relationships to flourish by pulling as much as you push.

However you choose to contribute, the trick is not expecting anything in return. This benevolent attitude has been encapsulated in the hashtag #GiveFirst. Here is a Techstars podcast that explores this mindset. Brad Feld also wrote this book to highlight the #GiveFirst philosophy.

Maintaining a #GiveFirst mentality will spawn meaningful discussions faster and more often. This happens because without ulterior motives, you’re able to explore anything without remorse. Over time, this allows more meaningful connections to evolve, versus contacts without context. When you play the long game of investing in the success of others, the real fun begins.

Concerned you’ll never achieve your goals if you’re always trying to help others? Don’t be. If you relentlessly #GiveFirst, you will earn the attention of people eager to return the favor. You’ll also get asked about your own work more often. That’s when you spark intrigue by saying it’s a secret, before shifting the discussion back to them. They’ll laugh, love it, and come back for more.

By Ben McDougal, ago

Import Knowledge

The focus on a local business environment supports those we share resources with. This concentration optimizes the values of proximity, but overextending “local first” can devolve into close-mindedness and groupthink when such a focus is not accompanied by imported knowledge, global connectivity, realistic awareness, and inclusive collaboration.

Thanks to the efficiency of our connected era, increased proficiency is just a click away. It takes an extra effort, but inviting outside perspectives into local conversation normalizes diversified feedback and bolsters intellectual awareness. The sense of abundance paired with a shared experience adds broad-minded confidence within a community. This pioneers purpose and attracts more of what an entrepreneurial ecosystem needs by leaning into what it already has. Over time, this thickens cultural elasticity and opens fresh conduits for collaboration.

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Invite outsiders to insider conversations.

These intellectual and societal bridges give leaders a chance to export knowledge as they interact beyond the local environment too. This extension widens the range of understanding and diversifies our overall potential.

Can we maintain our topophilia and stay committed to those we share an environment with while also reducing the limitations of a localized economy?

All flourishing can be mutual in the connected era, so the answer is usually yes. For rural areas with smaller populations, coopetition may be required to build with nearby neighborhoods, but with a combined critical mass of 25K–50K people, enough variety is achieved to do big things from anywhere.

With enough people and a positive-sum approach to importing and exporting knowledge, we combine a love for local with capacity to accomplish more with less.

Brewed From Within
#46 📖 Leadership

By Ben McDougal, ago