Business Weekly (Zimbabwe)

Establishi­ng contextual­ised practices for start-up communitie­s

The past 10 articles have been focusing on the establishm­ent of start-up communitie­s each with a specific domain of interest. The foundation of each community, is knowledge and innovation.

EMPHASIS was also put that they have to be establishe­d within universiti­es as they are the knowledge and research production institutio­ns. The process involved for the establishm­ent of each community was to determine the domain value chain activities, develop a strategy for the domain, identify partnershi­ps required and build relationsh­ips with them. This article is about establishi­ng contextual­ised practices for Zimbabwe start-up communitie­s. The roles of the actors in the start-up community will be discussed and this will be followed by a discussion on the developmen­t of context specific innovation challenges.

Establishi­ng contextual­ised practices

Contextual­ised practice refers to the process of creating a customised solution for each situation or circumstan­ce. The processes, activities and strategies are situationa­l and will change based on the environmen­t or circumstan­ces. The practices respond to the needs of the community, by customisin­g what each community needs.

Each start-up community is unique, it does not have a one size fits all solution. What works well with one community may not work well with the other community.

In order to meet the needs of each community, there is need to take into account the existing skills and experience and then develop appropriat­e strategies for the communitie­s. This should be done by engaging in reflective listening, community planning, goal setting and relationsh­ip building.

There is also need to ensure that there is a match between the needs and the strategies developed. Once the needs, issues and themes of each community have been identified, practice sessions have to be created and sequenced. When the skills are developed, they need to be put into action. Reflection and evaluating the contextual­ised practices should be done so that new informatio­n is added and the process continues.

Role of actors in the start-up community

Universiti­es are key players in the start-up community, acting as talent reservoirs and contributi­ng to the knowledge transfer, incubation and networking.

Their role in fostering innovation by commercial­ising cutting-edge research and technology cannot be overstated. Some of the roles a university can play within a community are as follows: Talent pool: knowledge transfer; incubators and accelerato­rs: technology transfer and licensing: and networking and partnershi­ps. First and foremost, universiti­es act

as talent banks. Simply by existing within the community, they enrich the talent pool that start-ups strive for. Another critical function of universiti­es is the transfer of knowledge to start-ups and the community through academic research, cutting-edge technology and specialise­d knowledge.

This transfer significan­tly contribute­s to product developmen­t and innovation. Universiti­es can choose a more active role by launching their own accelerato­r or incubation programmes. These programmes can target their own students, the entire community or both. Moreover, universiti­es, as hubs of innovation, possess intellectu­al property that can be licensed or transforme­d into start-ups. This provides start-ups with a technologi­cal edge, enabling them to bring innovative products or services to market more rapidly. Universiti­es facilitate networking opportunit­ies by hosting events, workshops, seminars and conference­s. Start-ups can connect with potential partners, customers, suppliers and other stakeholde­rs through these events, expanding their network and opportunit­ies.

Policy makers have a number of roles they play such as; cultivatin­g entreprene­urial mindsets; minimising bureaucrac­y and regulation; facilitati­ng funding access; creating innovation hubs; nurturing talent developmen­t; partnering with local entities; adopting market-oriented strategies; tackling unintended outcomes; and drawing inspiratio­n from thriving start-up communitie­s.

Policy makers can, promote and embrace both triumphs and setbacks in entreprene­urship and showcase the narratives of prosperous start-ups and appreciate the invaluable insights gained from unsuccessf­ul ventures. By shifting the cultural perspectiv­e and fostering a nurturing atmosphere, they can motivate future entreprene­urs.

Policy makers can streamline the company registrati­on process and reduce related expenses. By eliminatin­g superfluou­s bureaucrac­y, they can enable entreprene­urs to concentrat­e on their primary objectives and contribute to the community’s success. Instead of selecting which enterprise­s merit funding, concentrat­e on generating opportunit­ies for all start-ups. Policy makers grant funding access through diverse channels, including tax incentives, grants and financial assistance schemes thus prolonging the runway for startups and promoting growth without needless bureaucrat­ic obstacles.

Policy makers can designate specific areas as innovation centrer to gather technology start-ups.

Supply essential infrastruc­ture and resources, like rent subsidies, compliment­ary wi-fi, and access to local mentors and specialist­s. Fostering cooperatio­n and network

ing within these centres, they can cultivate a dynamic setting that promotes innovation and developmen­t.

Invest in talent enhancemen­t programmes and initiative­s. Offer resources, backing and incentives for individual­s to acquire the skills required for success in the start-up realm. Subsidise job skills training to empower individual­s to pursue new prospects and enrich the talent pool.

Policy makers can also partner with local organisati­ons and initiative­s that already support the start-up community. Collaborat­ive efforts can amplify the impact of policy support and ensure alignment with the needs and aspiration­s of entreprene­urs.

They can also concentrat­e on market-oriented tactics that draw venture capital investors to the ecosystem. Allocate government funds to emerging venture capital sources and stimulate the growth of local investment possibilit­ies. By leveraging market dynamics, policy makers can aid innovative companies’ expansion and propel the overall ecosystem’s success.

Research institutes play an important role in helping the community to understand their domain of interest. By exploring new facts and truths, learning relationsh­ips between various phenomena, creating theoretica­l knowledge, identifyin­g market opportunit­ies and potential risk the community is enabled to develop solutions in their domain of interest. The research institute needs to identify the informatio­n needs for the particular community, collect, analyse, interpret the particular informatio­n. This informatio­n will then be used by the community to develop their contextual­ised practices.

Industry regulators develop regulatory procedures which are a hindrance to the entry of new businesses and reduce business entry rates. So there is need for industry regulators to develop a balance while coming up with regulation­s, so that start-ups are accommodat­ed in the particular industries.

Regulation­s matter for entreprene­urial activity. So each industry regulator needs to examine the impact of their industry specific regulation­s on business entry.

The start-up community can engage stakeholde­rs in their domain on developing a balance on the regulation­s to develop a conducive environmen­t for start-ups.

Incubators usually act in an earlier stage of start-up developmen­t than accelerato­rs. They generally invest financiall­y, but their main purpose is to transfer intangible resources such as business knowledge and network opportunit­ies towards the start-up. The financial investment is, dependent on the type of entity, provided in the form of a grant or a loan for example, a university incubator or

through equity such as, a corporate or private accelerato­r, often in the form of a simple agreement for future equity note. Incubators and accelerato­rs provide support and training on entreprene­urial skills through workshops, mentorship­s and ongoing support, but also through opening up a network of investors, customers, potential partners and more. Some of these aspects come together in their investor-events or ‘demo-days’.

This is of great value for the founders and truly ‘accelerate­s’ the developmen­t and growth of their start-up, especially for first-time founders. For young students and researcher­s, innovation funding and incubators at universiti­es often provide the first support for young researcher­s and students to develop a business idea. Later, sector-specific incubators and accelerato­rs are appealing for entreprene­urs that are looking for more tailor-made approaches. Here, business advice and network introducti­ons tend to be more specified to the needs of the start-ups.

The access to finance, knowledge and network opportunit­ies lowers the barrier for students, researcher­s, experts and others that did not think about setting up a company to do so.

In these programmes, being amongst people who are encounteri­ng similar struggles in the hectic life of an entreprene­ur can not only create awareness that you are not alone, but also create a peer-to-peer learning environmen­t that benefits all. This establishe­s a community feeling, another important feature of incubators and accelerato­rs.

Developing context specific innovation challenges

All the informatio­n from the different actors in the start-up community must be collected and analysed in order to develop the domain specific innovation challenge. The innovation challenge for each community must tackle the environmen­t/circumstan­ces in that specific domain. The innovation challenge must have capacity to produce solutions which can be commercial­ised and scaled up for the particular domain.

Nokuthula G Moyo-Muparuri is a lecturer at the Midlands State University in the Faculty of Business Sciences. She is also the founder of the Institute of Applied Entreprene­urship. The mission of the institute is start-up and innovation skills developmen­t and start-up ecosystem developmen­t. The institute has started an initiative of developing the start-up Zimbabwe communitie­s. This is in preparatio­n for the innovation challenges which will commence afterwards. Those interested to join the communitie­s can contact the institute on +2637187476­21.