Georgia Institute of Technology Ecosystem Discussion

I need 3 paragraphs ( 5-6 sentences each paragraph) answer to the following discussion board question:

The readings all stress the need for entrepreneurs to utilize their ecosystem. How do you build an ecosystem that works for you and your venture? What kinds of advisors and assistance do you need?

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I also need a 1 paragraph (5-6 sentences) response to the following post:

Daniels post

According to the text, an ecosystem (traditionally known as a value chain) is an assembly of the resources needed to launch and grow an entrepreneurial venture. It consists of a collection of employees, resources, activities and external partners, advisers, customers, suppliers, service providers and distribution channel. An ecosystem is more distributed, flexible and collaborative than a traditional value chain. In order to build an ecosystem, entrepreneurs must build long term relationships. Relationships are needed to enter a market or industry and connections and short term resources are needed to help the business grow quickly. Building an ecosystem can be done through a structured approach but it is often done organically as new partnerships are developed through encounters and introductions with others.

It can be extremely difficult to assemble resources and build relationships without credibility from well-respected advisors or investors. This can be even more challenging when entering an established market. It’s important to begin building the ecosystem early on so that the business model can be shaped according to the potential partnerships created. It is also important to build partnerships with ecosystem catalysts who set the innovation agenda for an industry. This is critical for inexperienced entrepreneurs to be able to get their company to enter a market and gain traction.

A few vehicles to help in building an ecosystem include incubators and accelerators. Incubators provide professional resources including office space, advisors and investors to help guide a new venture. This is a valuable as it grants access to a built in ecosystem of advisors and technical assistance. Accelerators is an expanded version of an incubator by adding early funding and more intensive mentoring for a period of time. It’s important to choose an incubator or accelerator that specializes in your domain or has a strong reputation helping entrepreneurs raise funds or develop their business model.