Learning from Boston: Implications for Baltimore from Comparing the Entrepreneurial Ecosystems of Baltimore and Boston A report for The Abell Foundation prepared by Sean Pool and Matt Van Itallie, Canterbury Road Partners 1 Table of Contents Executive Summary ................................................................................................................................. 4 Preface .................................................................................................................................................... 6 Methodology and Structure of the Report ............................................................................................... 7 Limitations of this Report, and Statement of Potential Conflict of Interest ............................................... 8 Terminology ............................................................................................................................................ 9 Framework: Logic Model of an Entrepreneurial Ecosystem .................................................................... 10 Actors ............................................................................................................................................ 11 Resources ...................................................................................................................................... 12 Outputs ......................................................................................................................................... 12 Environmental Factors ................................................................................................................... 13 Evaluation Criteria ................................................................................................................................. 13 Outputs of the Entrepreneurial Ecosystem ............................................................................................ 14 Actors in the Entrepreneurial Ecosystem ............................................................................................... 16 1. Active and Potential Entrepreneurs................................................................................................ 16 Definition and context ................................................................................................................... 16 Data review ................................................................................................................................... 16 Detail on selected Boston programs and institutions:..................................................................... 20 2. Experienced Mentors ..................................................................................................................... 22 Definition and context ................................................................................................................... 22 Data review ................................................................................................................................... 23 Detail on selected Boston programs and institutions:..................................................................... 24 3. Investors ........................................................................................................................................ 25 Definition and context ................................................................................................................... 25 Data review ................................................................................................................................... 26 4. Universities .................................................................................................................................... 31 Definition and context ................................................................................................................... 31 Data review ................................................................................................................................... 32 Detail on selected Boston programs and institutions:..................................................................... 38 5. Established Technology Companies................................................................................................ 39 Definition and context ................................................................................................................... 39 Data review ................................................................................................................................... 39 6. Support Platforms .......................................................................................................................... 42 Definition and context ................................................................................................................... 42 Data review and detail on selected Boston programs: .................................................................... 44 7. Cheerleaders ................................................................................................................................. 46 Definition and context ................................................................................................................... 46 Data review ................................................................................................................................... 47 Detail on selected Boston programs and institutions:..................................................................... 48 Environmental Factors of the Entrepreneurial Ecosystem ...................................................................... 49 1. Policy incentives ............................................................................................................................ 49 2. Density and transportation ............................................................................................................ 51 Definition and context ................................................................................................................... 51 Data review ................................................................................................................................... 52 3. Culture and Creativity .................................................................................................................... 54 Definition and context ................................................................................................................... 54 2 Data review and summary ............................................................................................................. 54 Comparisons of the Entrepreneurial Ecosystems ................................................................................... 54 Boston’s entrepreneurial ecosystem is “Established.” ........................................................................ 54 Baltimore’s entrepreneurial ecosystem is “Emerging,” and has the potential to become “Established.” .......................................................................................................................................................... 56 Specific comparisons ......................................................................................................................... 58 Guiding Principles for Recommendations .............................................................................................. 58 1. Invest in core activities. .............................................................................................................. 59 2. Go short and go long. ................................................................................................................. 59 3. Make the most of existing assets. .............................................................................................. 59 4. Think holistically. ....................................................................................................................... 59 5. Look at the bang for the buck. ....................................................................................................... 59 Recommendations ................................................................................................................................ 60 1. Create, find or hire more entrepreneurs. ....................................................................................... 61 2. Expand early stage investment....................................................................................................... 62 3. Identify and codify existing entrepreneurship ecosystem-related programs and projects. .............. 63 4. Create an Innovation District. ........................................................................................................ 63 5. Leverage existing pools of technology. ........................................................................................... 64 6. Consider regulatory and tax reforms. ............................................................................................. 64 7. Pursue short-term investments in supporting public transit. .......................................................... 65 8. Invest in measurement of Baltimore’s entrepreneurial ecosystem. ................................................ 65 9. Consider an “Entrepreneurial Moon Shot”—a dramatic, comprehensive investment in Baltimore’s entrepreneurial ecosystem. ..............................................................................................................