Starting a New Conversation Understanding and working with

second-stage entrepreneurs

Why Second-Stage Companies?Because we believe they have the greatest

positive impact on the economy

• Create jobs

• Attract money

• Attract companies and talent

• Drive culture

• Affect philanthropy

• Drive policy decisions through identified needs

• Bring other companies to the table

We’re excited! Now what?

Important Questions to Ask

• How do we get in front of the second-stage audience?

• How do we understand them?

• How do we talk to them?

• What programs should we develop?

• Who should help us?

Assessing the Present Before Diving Into the Future

An Honest Critique of Your Current Audience

• What does your audience look like?• Can you segment them?• Is there a uniting factor that brings them together?• Are you the “go to” source for them on at least

three things?• Are you currently reaching second-stage

companies?

An Honest Critique of Your Current Programs

• What programs are you currently offering?• Who or what drives program content?• Do any of these programs affect second-stage

companies?

Understanding the Second-Stage Entrepreneur

If you really want to understand, you must listen and be willing to look beyond the obvious.

How to Spot a Second Stager• Moves fast and faces

complex problems, often many at the same time

• Not attracted to traditional ways of learning

• Very little time to devote to learning and it must be just-in-time

• Content must be relevant instead of elaborate

• Need to build systems so they can step away from the business

• Too much business can trip them up faster than too little – capacity issues

• Hard to gain their trust

• Trust their peers

• Process everything through the lens of their business

• May love creating but not managing

• Very positive

Culture Rules!Theirs and Yours

• “Culture is the last mile. It’s the most important part of an entrepreneurial community—and the hardest to achieve.”

• “Entrepreneurs dress differently, talk differently and act differently.”

• “Creating the right culture is about changing attitudes.”

• “You don’t change culture overnight.”

Does Your Culture Look Like Theirs?

• Do you listen to ideas, then act and implement quickly?

• Can you live with making mistakes?• Are you willing to change some of your direction

to serve your audience? • Do you understand outside audiences well enough

to find and match resources?• Is it OK if you don’t know everything?

Would You Turn Yourself Upside Down for Them?

The strongest organizations allow ideas to flow from the bottom up instead of always from the top down.

Before the Hunt Begins

Avoiding the

Problem

of

“Here I am,

what are you going to do

with

me?”

• Don’t make them wait on you• Your infrastructure must be fluid enough to

implement quickly• Your team must buy in on culture• The rest of your audience is ready to come to the

table

Now Can I Go Find Them?

• Bigger isn’t always better• Work with your friends first – testimonials make

powerful recruiting tools• Be wary of gunshot approaches

How to Listen

• Small groups vs. surveys

• Keep mixing up the groups

• Open your mind beyond the traditional

• What do they need they’re not getting anywhere else?

• What issues are typical only to your region?

• Turn needs into programs

It’s Crowded out There!

• The good news: Entrepreneurship will save the day!

• The challenging news: It is on everyone’s agenda.

• How will you differentiate your organization?

PartnershipsAvoiding the Bull’s-eye

• You’re not the only one getting into the entrepreneurship game!

• What niche can you fill that no one else is after?

• Your current partners – What’s in it for them?

• What organizations help you complete the picture?

Programming Makes a Difference• Keep asking your

audience, “What keeps you up at night?”

• Turn problems into programs

• Use entrepreneurs to deliver the content

• Have respected experts on hand who “get it”

• Become specialists in peer-to-peer learning

Becoming The Match Maker

• Understand that relationships drive partnerships and sales

• Take time to really know your audience

• Develop programs that push people to meet and talk:– Speed dating– Wine tastings– Pitch development

Is Everyone Feeling the Love?

• Find ways to tell and broadcast success stories• Make the media’s job easier• Plan innovative ways to celebrate success

The Highlights• Assess current audience and programs

• Look beyond the entrepreneur’s obvious needs

• Understand what makes second-stage companies different

• Culture rules!

• Be willing to turn yourself upside down

• Be ready for the hunt

• Bigger isn’t always better

• Listen well – become a trusted source

• Partner!

• Turn ideas into programs

• Don’t make it too hard!

Penny LewandowskiDirector, Entrepreneurship

DevelopmentEdward Lowe Foundation

penny@lowe.org