How to Build a Thriving Entrepreneurial Ecosystem. Anywhere. | Antonio Lück | TEDxWayneStateU

Summary

The script narrates the journey of Wednesday Cazares, a sheep farmer turned influential entrepreneur in Argentina, who built the first Internet service provider and later Paragon, an online broker firm. Despite initial rejections and lack of mentors, he sold Paragon for $585 million. He exemplifies the power of a thriving entrepreneurial ecosystem, illustrated through Silicon Valley's 'PayPal mafia' and the tech industry's growth from companies like Fairchild Semiconductor. The script emphasizes the five key elements necessary for ecosystem growth: talent, mentors, capital, and the influence of a few key entrepreneurs, as seen in Argentina's tech industry and Mexico's food sector. It concludes by highlighting the replicability of successful ecosystems across different industries and regions.

Takeaways

• 👋 Wednesday Cazares transformed from a sheep farmer to a key influencer in Argentina's entrepreneurial ecosystem.
• 🌐 Cazares started Argentina's first Internet service provider and later founded Paragon, an online broker firm.
• 💰 With the help of Endeavour, Cazares sold Paragon for $585 million, establishing himself as a renowned entrepreneur and mentor.
• 🔄 Silicon Valley's tech ecosystem originated around 60 years ago from a few companies, notably Fairchild Semiconductor.
• 🔗 The connections between companies, through mentorship and investments, are crucial for building a thriving ecosystem.
• 🚀 PayPal's founders and executives, known as the 'PayPal Mafia', significantly contributed to the growth of the tech ecosystem.
• 💼 Cazares faced numerous rejections and lacked role models or mentors, yet he persevered and succeeded in building Paragon.
• 🤝 Joining Endeavour in 1998 helped Cazares raise capital and scale his company, highlighting the importance of networks in entrepreneurship.
• 🌟 Cazares became an investor and mentor, influencing the ecosystem and inspiring the creation of new companies.
• 📈 A few key entrepreneurs can have a substantial impact on an ecosystem, as seen in Argentina's case with close to 1% of GDP.
• 🌍 The principles of building a successful entrepreneurial ecosystem can be applied across different countries and industries.

Q & A

What was Wednesday's Cazares' original profession before becoming an entrepreneur?

Wednesday's Cazares was originally a sheep farmer in Patagonia, Argentina.

What was the first significant business venture that Wednesday's Cazares started?

The first significant business venture that Wednesday's Cazares started was the first Internet service provider company in Argentina.

How much did Wednesday's Cazares sell Paragon for, and to which company?

Wednesday's Cazares sold Paragon to Sentient for $585 million.

What is the name of the global organization that Wednesday's Cazares joined to connect with other intrapreneurs?

Wednesday's Cazares joined Endeavor, a global organization that connects intrapreneurs.

What is the name of the company that Wednesday's Cazares is currently the CEO of?

Wednesday's Cazares is currently the CEO of Zappo, a Bitcoin vault and debit card company.

What is the term used to describe the group of executives from PayPal who went on to create or join other significant companies?

The term used is 'PayPal Mafia'.

What is the significance of Fairchild Semiconductor in the context of the Silicon Valley tech ecosystem?

Fairchild Semiconductor is significant as it is one of the three companies that helped birth the tech ecosystem in Silicon Valley, with its influence depicted as central in the ecosystem model.

How did the PayPal Mafia influence the tech ecosystem in Silicon Valley?

The PayPal Mafia influenced the tech ecosystem by creating and joining 11 other companies, thereby expanding the network and impact within the valley.

What is the role of mentorship and capital in building a successful entrepreneurial ecosystem?

Mentorship and capital are crucial in building a successful entrepreneurial ecosystem as they support the growth and amplification of the ecosystem, enabling intrapreneurs to transition into entrepreneurs.

How did Wednesday's Cazares contribute to the entrepreneurial ecosystem in Argentina after selling Paragon?

After selling Paragon, Wednesday's Cazares became an investor in Mercado Libre, mentored many other organizations, and inspired new companies to form, thereby significantly influencing the ecosystem.

What is the percentage of GDP in Argentina that is represented by the ecosystem influenced by a few key entrepreneurs, as mentioned in the script?

The ecosystem influenced by a few key entrepreneurs, including Wednesday's Cazares, represents close to 1% of Argentina's GDP.

How can the success of the entrepreneurial ecosystem in Argentina be replicated in other cities, markets, and industries?

The success can be replicated by fostering and nourishing the five key pieces of the puzzle: talent, mentors, capital, connectivity, and role models, which together support the growth of the ecosystem.