EcoMap Business Update – the Ecosystem Intelligence Revolution
- Sherrod Davis
- Posted on
- EcoMap News
Sherrod Davis, EcoMap CEO
The Ecosystem Intelligence Revolution
When the digital map launched in the 90’s, it was a breakthrough innovation that changed the way we travel. Back then, users didn’t imagine that in a few short years we’d go from old-school atlases to online maps to intelligent navigation that not only shows us how to get where we’re going, but when to leave, where to stop for coffee, and which route to take if there’s an obstacle along the way.
Today, ecosystem builders across the country are in the middle of this same technical evolution. At the forefront, EcoMap has been iterating with entrepreneurial ecosystem leaders on software that takes us from ecosystem atlases to ecosystem intelligence.
This Ecosystem Intelligence revolution will be just as profound for entrepreneurship as Google Maps has been for travel. Because not only will it put the best tools in the hands of the entrepreneurs who will change our world, it will also enable the cities, states and institutions supporting them to increase impact through proven interventions, while reducing cost and time.
How did we get here?
When EcoMap was founded, our co-founder Pava was solving for the lack of centralized, accurate information about Baltimore’s tech ecosystem. The “map” she uncovered (in the form of a spreadsheet) was rudimentary and entirely analog. It offered a glimpse of what resources were available but provided no guidance along the journey. It was like that old atlas: users did all the work. And if they had last year’s (or worse, last decade’s) version, they were navigating with obsolete information.
EcoMap was born to leapfrog past flat-file analog information into an on-demand, accurate, entrepreneur navigator to help founders move through stages, identify support, hire talent, and build revolutionary companies. Soon Baltimore entrepreneurs and entrepreneur support organizations (ESOs) understood the layout of the ecosystem: what was there to help them and what was missing. Entrepreneurs found accelerators, funders and spaces, and ESOs targeted the biggest needs. Within the next year, cities, states and ecosystem builders across the country were using EcoMaps to propel their local entrepreneur networks.
Maps → Pathways
Mapping the landscape laid an important foundation. Then our users asked for more guidance, more turn-by-turn directions. How do entrepreneurs most efficiently move from idea to founding to scaling? With access to mentors, events, and customers? So we built Pathways, combining our existing maps with automations, and crucially, the real-time knowledge of ESO leaders – the people doing the work on the ground.
Pathways was our jump from the digital map to route guidance. Now we’re going a step further, because the right path is ever changing, and best identified through the constant input of other travelers. Who are the most generous and thoughtful advisors? What are the most effective accelerators for entrepreneurs of different backgrounds or across different industries? What events are attended by the people you want to meet?
Ecosystem Intelligence fosters the best connections
When a traveler seeks the best route, it’s typically because of the human at the end of the journey. This is true for entrepreneurs also. The best help an entrepreneur can get is still in the form of warm, personal relationships with mentors, advisors, funders, educators, peers, and customers. Ecosystem builders know connectivity is everything, and they need every actor in the network feeding into the knowledge set.
Super connectors are the lifeblood of healthy ecosystems. The best connectors are also in demand, so what happens if one of those people leaves? Or if they make the referral, but don’t have time to follow up with the entrepreneur? Or, best case scenario, the referral goes perfectly – how does that ESO know if the entrepreneur who received services was ultimately successful? And without that knowledge, how do they deem a support impactful on the entrepreneurs they serve? Or how do they prove their impact to their financial supporters: the government agencies, institutions or philanthropies that make their work possible?
Through collaboration with ESO leaders on the ground, and the input they’ve received from founders, we’re taking it to the next level. At EcoMap, we work closely with Indiana Economic Development Corporation (IEDC), a large statewide economic development agency that has successfully deployed EcoMap to serve as the digital front door for entrepreneurs and ESO’s. ESO’s act as the state’s navigators, offering founders important one-on-one support– collaborating and making referrals so that entrepreneurs can quickly get “unstuck.” Just in the past year, our technology enabled them to support over 20,000 stakeholders in their ecosystem.
Now, we’re taking a major step forward, tapping the fuel of connectivity throughout their ecosystem.
Introducing EcoMap ERM
Working with economic developers and ecosystem builders, we’re building the next generation of EcoMap Tech: our Ecosystem Relationship Manager (ERM).
Just like the evolution of navigation tools, ecosystem evolution requires systems that optimize navigation across a matrix of ESOs, measuring the impact of accelerators, incubators, and other supports, and tracking the progression of startups from idea to exit relative to the services received.
With ERM, our partners will be empowered to
- Power founders’ journeys across stages with effectiveness and efficiency
- Track conversations, referrals, and milestones across ESOs through shared entrepreneur case files
- Maintain interconnected feedback loops
- Analyze their ecosystem’s evolution: Companies across stages, ESO impact on various entrepreneurs, funding flows, and which corporations support startups through purchasing and mentorship
- Share knowledge continuously across their constituencies
We’ve always known that this kind of connection and collaboration are indispensable to ecosystem-driven change, but now we are building the technology to support it.
Ready for the future
Imagine this world: where bumps in an entrepreneur’s journey were flattened, and their path was paved smooth. Imagine that after their first interaction with an ESO, an entrepreneur’s case file is logged in one centralized system. And when that entrepreneur reaches a fork in the road and the ESO has given all the support they can offer, all the information in their case becomes accessible to the entrepreneur’s next guide on their journey.
When that next ESO picks up the case, they know which support that entrepreneur has already received, as well as what they need next, with little to no redundant questioning or wasted time. And the previous ESO can keep track of the founder they helped, allowing them to more deeply understand which interventions were most effective, and how they contributed to the entrepreneur’s overall success.
Now imagine an ESO is able to use this information in their reporting, helping them access more funding for their organization, to help more entrepreneurs.
EcoMap ERM means: Community-powered accuracy for highly reliable data. Faster, smarter entrepreneur routes. Collective Intelligence that benefits everyone. And the end result is a turbo-charged ecosystem for the founders fueling innovation and jobs. This is the world we’re building with ERM. Join us!
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