Techweek exists "to spread wealth creation to diverse places and people by supporting the emergence of local Hero Companies." Techweek believes that spreading of wealth creation is simultaneously an economic opportunity and a moral imperative. As the impact of technology accelerated economic change it seems unsustainable that the forces of disruption emerging from the Internet revolution could bring gains to only a few geographies. It is critical that disruptive wealth creating “Hero Companies” would emerge from myriad not a limited few places.
Techweek believes new technology economies are the right vehicle to spread wealth creation, while having challenges to widespread regional adoption:
- Tech entrepreneurship is a once-in-a-generation economic engine in that is uniquely democratizable, with low barriers to entry:
- Resource requirements are often low enough that bootstrapping disruptive technology companies is possible
- While knowledge and education is needed, the widespread availability of technical courses and traditional qualifications, as well as online information lowers the knowledge barriers to entry
- Online marketing, using cheap and effective direct to consumer ad buying allows efficient and scalable paid customer acquisition
- Technical and busines infrastructure tools, and backbone business functions are now broadly and cheaply available on a -As A Service basis allow cost effective formation and scaling of new small businesses
- Technology ecosystems appear to flourish where there is a concentration of knowledge, economic and talent resources – also known as economic agglomeration.
- Tech “hubs” appear to dominate and appear to continue to be the center of the growth of technology entrepreneurship
- There is a compounding effect of the critical mass of ecosystems: a concentration of of resources, new and experienced talent, investment and existing tech business ecosystems seems to drive robust economic growth and robust entrepreneurial activity.
- Cities and regions struggle to recreate this magic formula to build their own technology and entrepreneurial sectors, often by encouraging building infrastructure to support entrepreneurship
Techweek's “Hero Company” theory of economic development
- Techweek sees a causal reversal at work in the rise of technology cities. Rather than being just a feature of success, the emergence of substantial and sustainable businesses – which it terms “Hero Companies” – is an input into the creation and development of robust tech ecosystems. Hero companies act as the incubators of future entrepreneurial talent, increases economic activity, and stimulates new spin-off companies, a process described as economic agglomeration.
- Techweek further seeks to fully validate its Hero Company Theory with collaborative and internal economic research efforts, starting with its whitepaper found here
Techweek's goal is to "engage 100 cities, and within 10 years develop a $1 billion dollar company in each."