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5 Ways The Government Can Nurture Entrepreneurial Ideas

This article is written by Brian Malika, a Contributor Author at Startup Turkey.

Due to the obvious fact that a successful business solves the social problems, it’s then in the interest if the Government to provide an environment that sparks the growth of diverse entrepreneurship ventures. And I have to agree that this is not the first time your hearing of the call to support the growth of entrepreneurship. However, have you ever asked yourself what type of support can the Government offer?

The above question is best answered in varied ways because every entrepreneur has different needs from the other. Some entrepreneurs have great innovative ideas but lack the innate skills for effective implementation. While others have an innovative idea but just don’t know where to even start.

Therefore, the best way to address the possible support that needs to be accorded through Government Departments of Trade and Commerce is to have a holistic model of approaching entrepreneurs.

1: Attend Business summits :

Apart from organizing their own forums for entrepreneurs to come on board and highlight their ideas for making the world better through tackling the tough social problems, Governments must go a step further and look out for other privately organized business summits and make an effort to attend them with an intention of identifying areas that can be supported.

2: Seek the advice of established private investors

As we all know, no one has a monopoly of knowledge. And no matter how elite one might be this is only restricted to their field of study or expertise. Therefore, it is important for Government Agencies for Commerce and Trade to always reach out to spotted experts in different fields of entrepreneurship to come into Government and help in bettering the entrepreneurial environment.

3: Come Up with mobile spaces

Instead of building innovation hubs around the country to nurture entrepreneurial creativity, Governments need to think of having mobile innovation hubs. This is because innovation hubs that are at one place may lose effectiveness at some point due to the fact that the entrepreneurship trend may shift to a different region and it might be difficult to build another entrepreneurship hub at another place. But when we have a mobile innovation hub, it will be much easier for the Government to direct the movement of these spaces to areas that need them the most.

4: Integrate University programs on entrepreneurship with big companies

Another creative way that the Government can spark the entrepreneurial potential in their countries is to link up the business projects and trials with leading companies.

Some university students have amazing start-up projects that could transform lives for many but due to lack of mentorship and resources, most of these project ideas never step out of university gates. The Government can correct this by ensuring that potential start-ups from university students are exposed and attached to relevant big companies.

5: Attend privately organized business summits

More importantly, the Government should look beyond is boarders when it comes to bettering the entrepreneurial space. One better way would be by designing exchange programs that enable entrepreneurs to travel to other countries and vice verse with the goal of facilitating the sharing and transfer of entrepreneurial knowledge.

The Government should change its approach for supporting entrepreneurship by not waiting for entrepreneurs to ask where they can be supported but rather, the Government. Should identify entrepreneurs and ask them where can we support you.

23 June 2019

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