Is Entrepreneurship All About Successful Companies?

On a cold December morning, 14 young entrepreneurs from communities across South Asia gathered together at the University of Virginia’s i.Lab to begin their day of site visits with leaders from across Charlottesville. Participants in the “Fostering Incubators for Economic Development” project (an International Visitor Leadership Program (IVLP) project), the group entered to a crowded lobby of University students on the cusp of final exams – the smell of crepes from a nearby coffee stand faintly in the air.

Eager to share this entrepreneurship and innovation hub of the University was David Touve, Senior Director of Ventures for the Batten Institute. Alongside colleagues Denise Herndon, Program Director for Economic Development at the University, and Eric Martin, Director of the University’s Gallant Center for Innovation and Entrepreneurship, David led the group into a practical discussion of entrepreneurship in the U.S. and abroad – challenges faced and lessons learned.

As an early point of reference, David shared that the University’s primary designated space for entrepreneurs to scale their ideas – formally the W.L. Lyons Brown III Innovation Laboratory – was originally a dining hall for MBA students. Not the result of a longstanding vision or cumbersome strategic plan, this space adapted to a growing need in the University community. Many may say, a venture in and of itself.

As discussion continued, one visitor raised his hand – “How many successful companies have UVA students created?” David responded that the average age of an entrepreneur in the U.S. is, in fact, 42 years old. Eric, speaking on behalf of UVA’s McIntire School of Commerce, described that their main focus as educators is not to incorporate companies, but to foster a spirit of entrepreneurship among students while giving them the tools and context they’ll need in order to succeed in business ventures later in life. Many of the visitors nodded in agreement, as they shared the same goal of inspiring and equipping young people in their home communities.

The visitors also heard from colleagues working in economic development through local government: Chris Engel from the City of Charlottesville, and Roger Johnson from Albemarle County. Tracey Greene, Executive Director of both the Charlottesville Angel Network and the Charlottesville Business Innovation Council, additionally shared the role of her organizations in supporting the growth of local businesses. Her insight into how nonprofits and angel networks interact with local government in shaping local business culture rounded out the day-long discussion of community players in an entrepreneurial ecosystem.

Stephen Davis, President of Charlottesville’s Community Investment Collaborative (CIC), then welcomed the visitors into his offices for their last stop of the day. Stephen described CIC’s work in supporting under-resourced entrepreneurs in the community through training, financing, mentoring, and building networks. Many of the visitors quickly identified similar demographics between CIC’s model and those in their home countries, leaving many questions about the ins and outs of how the CIC operates.

Stephen further explained CIC with the adage, “A rising tide lifts all boats.” As such, the CIC encourages aspiring entrepreneurs to work together to learn all they can from each other, ultimately yielding a stronger, more vibrant, and supportive community of businesses.

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This same principle of partnership drives the IVLP’s vision for sharing experiences across cultures. Though an officer in the Nepalese Chamber of Commerce and a Professor in a Sri Lankan university both face differing economic contexts than ours here in Charlottesville, they often ask the same questions as Denise Herndon, Tracey Greene, or Stephen Davis: What are the best ways to equip aspiring entrepreneurs? How can our community become more attractive to businesses? What laws can be changed to help our economy thrive? What step can I take to be a part of changing things for the better?

Each year about 5,000 of these emerging leaders are nominated and selected by staff at U.S. embassies to spend up to three weeks visiting communities across the United States. As participants in the International Visitor Leadership Program (IVLP), they meet with professional counterparts, exchange insights about challenges in their fields, and grow in their understanding of American culture.

The Presidential Precinct, alongside other organizations across the U.S. hosts nearly 100 IVLP participants a year. We work together with the U.S. Department of State to identify impending programs that align with any of our core focus areas – Human Rights & Justice, Civic Engagement, Cultural Heritage, Good Governance, Women’s Empowerment, and in this case, Economic Opportunity.

We draw on the rich history and expertise of our partners to plan a multi-day itinerary for each group. IVLP participants regularly experience a strategic blend of the rich culture of our area at sites such as James Monroe’s Highland or Colonial Williamsburg, alongside academic study and discussion through two of the top public universities in the United States.

At the Presidential Precinct, we are honored to participate in helping our emerging leaders find those answers and strengthen the global economy.

Watch this short film to learn more about the Department of State’s Bureau of Educational and Cultural Affairs (ECA), the primary source of the IVLP’s funding and strategic program priorities: https://youtu.be/Tqe7ThE0FQc