Atlanta’s Entrepreneurial Ecosystem Roundtable

On February 5, 2025, TruFund Financial Services (TruFund), a leading community development financial institution (CDFI) held its Annual Ecosystem Breakfast – bringing together more than 30 key stakeholders from Atlanta’s entrepreneurial and small business ecosystem. A diverse mix of participants – representing traditional banks, CDFIs, quasi-government agencies, business support organizations, and private sector investors – contributed to a lively, generative discussion on the challenges and opportunities within the ecosystem. In the room alone, participants represented a diverse “asset base” to build around – each with bringing financial, intellectual, social, political, and culture capital to the table. What would it look like for Georgia to build a strong entrepreneurial ecosystem? Are there lessons to be learned from Kansans?

12

If you want to understand something as complex as a strong entrepreneurial ecosystem, it helps to look for common signs of success. In other words, what makes an ecosystem “high functioning?” These indicators give you a way to measure what’s working and where there might be gaps. They also make it easier to compare different places, spot trends, and focus efforts on what actually helps businesses and communities thrive.

Indicators of a High-Functioning Entrepreneurial Ecosystem

Due to the tireless combined efforts of the National Center for Economic Gardening, National Commission on Entrepreneurship, Kauffman Foundation’s Center for Entrepreneurial Leadership, Corporation for Enterprise Development (once CFED and today Prosperity Now), the Center for Rural Entrepreneurship, and the Federal Reserve Bank of Kansas City, practitioners today have the language to define high-functioning entrepreneurial ecosystems. These ecosystems are often characterized by seven key indicators.

Active partnerships between startups, investors, universities, and government entities that enable knowledge-sharing and resource access.

A robust pipeline of funding sources across all business stages, including grants, venture capital, and non-traditional financing mechanisms.

Equitable opportunities for underrepresented founders, ensuring all entrepreneurs have access to mentorship, capital, and support.

Entrepreneurship education, skills training, and retraining initiatives that prepare individuals for new business ventures.

Business-friendly regulations, broadband access, transportation networks, and affordable co-working spaces.

The presence of anchor institutions, key industry hubs, and demand-driven market opportunities.

A community that celebrates entrepreneurship, embraces failure as a learning opportunity, and fosters continuous experimentation.

The “Sunflower State’s” Playbook for Entrepreneurial Ecosystem Development

The Kauffman Foundation’s Entrepreneurial Ecosystem Playbook 3.0 outlines six key pillars essential for building and sustaining thriving entrepreneurial ecosystems – Talent, Density, Connectivity, Culture, Capital, and Infrastructure. Talent focuses on developing skilled entrepreneurs through education and training. Density emphasizes creating concentrated hubs where entrepreneurs and resources intersect. Connectivity ensures strong relationships between ecosystem players, fostering collaboration. Culture promotes risk-taking, innovation, and inclusivity. Capital provides entrepreneurs with accessible funding options, from early-stage investments to growth financing. Infrastructure supports long-term ecosystem growth through policies, physical spaces, and digital access. Together, these six pillars create a holistic framework for fostering dynamic and resilient entrepreneurial communities.

Kansas has cultivated a robust environment for small business and entrepreneurship growth. It’s impossible to tell the story of Kansas’ success without focusing on the ways in which statewide leaders created and leveraged “Strong Networks and Collaboratives” to create pathways for tackling these six pillars.

123456789101112

Kansas State University and NetWork Kansas partnered on the K-State 105 Entrepreneurial Blueprint Initiative to support entrepreneurship and small business development through the K-State 105 Entrepreneurial Blueprint Initiative. This program supports collaborative community-based projects focused on fostering economic growth and community development in Kansas.

Georgia’s Journey Towards Strong Entrepreneurial Ecosystems

Georgia has a tremendous opportunity to build a stronger, more connected entrepreneurial ecosystem by leveraging the lessons from Kansas. To replicate this success, Georgia-based organizations must prioritize collaboration, engage diverse stakeholders, and use impact investing as a tool for driving business growth and infrastructure development. There are three ways that Georgia’s impact investing community can act now to grow our state’s entrepreneurial ecosystem.

  • Grow the Capital Base:

    Georgia’s financial institutions, foundations and anchor institutions, government agencies, and private investors have an opportunity to intentionally grow pools of locally controlled capital – like NetWork Kansas’ E-Communities – to meet the flexible funding needs of early and growth-stage entrepreneurs. Georgia already has strong organizational assets – like Invest Atlanta, Access to Capital for Entrepreneurs (ACE), NewTown Macon, Small Business Majority, Albany Community Together, and many others – which support small business financing. Those organizations need flexible, impact-first investment to grow their financing programs. Moreover, those organizations need investors who are excited to pilot new capital solutions and products. Financial mechanisms like interest-rate buy-down programs and credit enhancement funds – similar to the Georgia Resilience and Opportunity (GRO) Fund – can make financing more accessible for small businesses, particularly in rural and BIPOC communities.

  • Invest in the Success of Entrepreneurial Infrastructure:

    There’s an opportunity for Georgia to support dense entrepreneurial hubs by investing in shared workspaces, incubators, and commercial real estate that enable small businesses to scale. The state is home to successful models like The Russell Innovation Center for Entrepreneurs (RICE), Atlanta Tech Village, and Make Startups in Macon, which provide crucial support for emerging businesses. Strengthening these efforts and expanding access to affordable co-working spaces and business resource centers in regions beyond metro Atlanta will help entrepreneurs statewide thrive. Additionally, broadband expansion efforts by the Georgia Department of Community Affairs can ensure digital infrastructure keeps pace with entrepreneurial needs.

  • Cultivate a Culture of Investment Risk-Taking:

    Most importantly, we need to cultivate a culture of investment risk-taking by creating strategic partnerships that de-risk lending and encourage mission-driven capital to flow into local businesses. Programs like the Partnership for Southern Equity’s Just Opportunity initiative, the Community Foundation for Greater Atlanta’s GoATL Fund, and the Center for Civic Innovation’s Civic Impact Loan Fund demonstrate how Georgia is already activating capital for social good. Expanding these models and aligning efforts with economic development groups, philanthropies, and private investors will create more opportunities for historically underserved entrepreneurs.