By 2020, Millenials will make up 50 % of the workforce (source: Kjaer trend compass, number 3, lightweight nomads: http://kjaer-global.com/trends/). Future trends as shown eg in the trend compass are already materialized in the start-up ecosystem. By understanding and observing the way start-up entrepreneurship is organized, traditional ways of making business are questioned and the door can be opened for innovation.
The start-up ecosystem disrupts the traditional ways people meet, work, travel and engage- so the mind-set of this community is a good example for thinking differently – and is essential for the intl. meeting industry to comprehend.
As source for future success, innovation is essential. Innovation can only be achieved by taking risks and accepting that systems change fast, very fast. The start-up entrepreneurs are encouraged through “accelerator” (!) programs to think, exchange and materialize their ideas at fast pace. There is no space for comfort zones, the community is highly transparent, sharing and returning help they have received before. Through the great hunger for new start-ups and the investors’ and government money available, speed is further enhanced. Investments are available at very early stages of company building. Investors on average have to put money into 10 new projects in order to end up with one success.
Traditional and established companies also want (and need!) to innovate, but they do not like to take risks. Immediate return on investment is no guarantee in start-ups. Learning by doing, failures as part of the learning curve and serial entrepreneurship are all part of the game. Latvia and its startup ecosystem is worth looking at – it offers an abundance of ideas with great inspirational quality. Owners and CEOs of companies seeking innovation and new solutions should make an effort to dip-dive into this scene and learn; may be they will find problem-solving opportunities which they could not dream of.
tmf dialogue marketing works with international meeting destinations on presenting business excellence and dynamic start-up ecosystems to connect with global organizers of conferences and congresses.