DECEMBER 2023 NEWSLETTER

Embark on a journey through two distinct entrepreneurial stories. In the first, explore how a frustration with traditional golf course dining led to the creation of Club Grub, a mobile application reshaping the golfing experience by delivering diverse food and beverage options directly to players. In the second, follow Clotheslyne's journey from the Hudson Valley Venture Hub to the Techstars spotlight. Discover how their innovative laundry service not only provides convenience but also employment opportunities in local communities. These narratives showcase the impact of startups, investments, and the support systems provided by the Hudson Valley Venture Hub.

In the relentless pace of industries that operate around the clock, the notion of signing off and taking a break might seem counterintuitive, if not downright challenging. Yet, as we navigate the unceasing demands of the business world, it becomes increasingly vital to recognize the power of pause. In this month's newsletter, we delve into the theme of why, even for the industry that never stops, taking a momentary respite is not just advisable but imperative. Explore the wisdom of downtime, its impact on creativity and productivity, and the unexpected opportunities it can unfold. As we usher in the holiday season, let's reflect on the importance of both professional rest and rejuvenation.

Fostering Collaboration in the Hudson Valley's Entrepreneurial Ecosystem

Fostering Collaboration in the Entrepreneurial Ecosystem of the Hudson Valley

This October, the Hudson Valley Venture Hub hosted a dialogue on collaboration in the entrepreneurial ecosystem at the last Hudson Valley Entrepreneur Service Provider Summit. The meeting and summit was made possible with partners including but not limited to WEDC, HCI, and Ossining Innovates.  

In every city, county, region, state, and even country, fostering collaboration within our entrepreneurial ecosystems is essential. An entrepreneurial ecosystem is a network of interconnected elements, resources, and actors that support and nurture entrepreneurship and startup activity within a particular area or industry. These ecosystems are essential for fostering innovation, economic growth, and job creation. Brad Feld’s 2020 book, “The Startup Community Way”, Feld outlines a theory on the importance of collaboration and long-term commitment, with a centering around ‘the entrepreneur’, that many startup communities have adopted.

In 2023, the Hudson Valley Venture Hub was awarded the designation of Innovation Hot Spot for the Hudson Valley Region, and recognizes that this designation could not have been achieved without the collaboration of various stakeholders in the Hudson Valley. As Innovation Hot Spots, it’s also our job to convene the entrepreneurship ecosystem: like a “rising tides lifts all boats” organizer.

After some months of surveying, on October 12th, program leaders and organizations that are supporting the entrepreneurial ecosystem in the Hudson Valley came together to have meaningful conversation with tangible outcomes. These stakeholders engaged in open and honest dialogue about the current state of the entrepreneurial ecosystem and how collaboration can mend some of these issues we currently face.

The group first identified that all startups need the same two things - capital and technical expertise. This is a step that yearns for collaboration and support from our entrepreneurial ecosystem. It was decided that the strengths of our region are a high number of mentors, a diverse range of entrepreneurial types, and a core group of angel investors.

With our accomplishments, we also recognize that there are many areas in which we can improve as an entrepreneurial ecosystem. For example, our region needs to grow our funnel of early stage ideas and further help established businesses. Additionally, the group recognized that there is a competitive vibe amongst support organizations.

In order to fix the problems in our current entrepreneurial ecosystem thus discussed, the group decided to commit to a culture of collaboration. After identifying what collaboration meant to everyone, the program leaders broke into small groups to discuss how to effectively collaborate, what collaboration looks like, and how collaboration has come short in the past. Not only were these small groups working diligently to make our entrepreneurial ecosystem more collaborative in the future, but they were also practicing collaboration. 

This was the first of many meetings that we hope to have with program leaders in our ecosystem, and we look forward to having more deliberate conversations about collaboration.

The next meeting of entrepreneurial service providers will take place on January 25th, over zoom. To be invited, please contact Eliza Edge at edgee@newpaltz.edu.

 In the meantime, our program leaders have joined committees to continue this conversation.

  1. Resource Advocacy for the HV Region
    1. Led by: Eliza Edge (HVVH)
    2. Deborah Novick (Westchester Innovation & Entrepreneurship)
    3. Paola Salazar (BioInc)
    4. Sam Kandal (SBDC)
    5. Rose Rubin (SCORE)
  2. Curriculum Alignment Across Programs
    1. Led by: John Lynn (Element 46)
    2. Deborah Novick (Westchester Innovation & Entrepreneurship)
    3. Lauren Volper (HCI)
    4. Paola Salazar (BioInc)
    5. Eric De Feo (HCI)
    6. Eliza Edge (HVVH)
  3. Metrics and Measuring Across Program
    1. Led by: Henry Welt (Ossining Innovates)
    2. Abby Lewis (Ossining Innovates)
    3. Lauren Volper (HCI)
    4. Bailey Burke (Upstate Capital)
    5. Eliza Edge (HVVH)

_____

Madison Engler is currently an MBA candidate concentrating in Healthcare Management at the State University of New York at New Paltz. Madison graduated in Spring 2023 with a Bachelors of Science in Marketing from the State University of New York at New Paltz. After graduation in Spring 2024, Madison plans to work in consumer packaged goods in the food and beverage industry.