Professional Documents
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Energizing an Ecosystem:
In what some might consider an ironic twist, technology seems to play a lesser role in building a local entrepreneurial community for startups than good old-fashioned face-time and word of mouth. Thats one of the key ndings in a paper by the Ewing Marion Kauffman Foundation that surveyed participants in 1 Million Cups (1MC), Kauffmans popular entrepreneur educational program launched in Kansas City, Mo., in April 2012.
March 2013
Senior Analyst Kauffman Foundation
1 Million Cups
Jared Konczal
Brewing
Yasuyuki Motoyama
Senior Scholar Kauffman Foundation
with the Kauffman Foundation: Nick Seguin, Cameron Cushman, and Nate Olson. name 1MC references the stereotype 1MCTheattendance
communities.
1% OTHER WEBSITE
OTHER OTHER ESHIP GROUPS TWITTER % 10% 13 8%
NOT EARNI NG NOT FULL- FULLTIME TIME 26% FOR STARTUP 74%
EAR
NIN G REVE NUE
1MC WEBSITE
WORD OF MOUTH
67%
Business acquaintances
Venture capitalists
About 2x month
1x month
About
First time
0 5 10 15 20
Government grant
Friends
42%
11%
% 4% 8
23%
66% attend two or more times each month, and 42% attend almost every week.
87 46% fun
Have
%entrepreneurs
for Attending
AG E
Reason
AT TE
Attendees Demographics
check it out
Just to
46%
for my company
35
ND EES
22
% Other
GENDER
3544
Female
16
35%
37%
2534
Male
84%
www.1millioncups.com
* Question asked of 53 respondents who classied as founders/co-founders.
Family
weekly
Angel investors
Almost
79%
Savings
Jan 2013
RE
SPO
R N D E N TS FI
TH
AR
Financing Sources*
4%
1%
UP
The majority of 1MC founders and co-founders are early stage, but report working full-time in their startup and having some revenue. *
STA
RT