An ASU official outlines the keys for making the Valley a hub of innovation.

Scottsdale was recently named one of the top cities in the country to launch a startup, in part because of its close partnerships with Arizona State University that connect entrepreneurial students to a steady stream of opportunities.

Upon graduation, however, some of these enterprising students choose to move to well-established startup hubs in Silicon Valley and New York City in pursuit of networks, resources and most importantly, funding.

For each college graduate the region is unable to retain, it loses $660,000 toward economic development, according to a recent report.

As the Valley of the Sun seeks to become a national hub of innovation and entrepreneurship in its own right, retaining these talented entrepreneurs and their innovative ideas is key.

What can we do as a community to keep these entrepreneurial minds in metro Phoenix?

How do we ensure they view the region and state as a place with plentiful and diverse resources where they can nurture ideas, and thrive?

I’m working with a team at ASU to build opportunities within and outside of the university to keep innovative entrepreneurs here, and we invite the community to support us.

Step 1: Growing entrepreneurial minds at universities

The first step for many aspiring entrepreneurs is choosing a university that will help develop and refine their ideas and talent.

Ten years ago, it was unusual to find a school or college offering a class in entrepreneurship. Today, ASU is one of the leading universities and colleges offering complete degree programs and cocurricular activities that enable students from all disciplines to engage in entrepreneurial pursuits.

The university takes its role as an entrepreneurial value cultivator, community connector and talent supplier seriously. The entrepreneurial mindset permeates all colleges and programs to help students identify solutions to global challenges and thrive in a 21st century economy.

For many incoming freshmen, opportunities to incubate and grow their ideas with other like-minded students are a key to selecting a school and program.

When we consider the number of founding team members from successful startups who met in college, this is a critical decision.

Step 2: Local partnerships build an innovation ecosystem

Local governments in greater Phoenix are working together to shape and implement key strategic policies, initiatives and programs to boost the region’s competitiveness and economic activity.

Advancing entrepreneurship and innovation are top priorities. Building a robust startup ecosystem with a strong sense of community helps budding entrepreneurs tap into critical networks and resources needed to bring their ideas to fruition.

The ASU Chandler Innovation Center, which is a partnership among the city of Chandler, ASU and the do-it-yourself TechShop facility, is a prime example of a vibrant and supportive ecosystem of creative people.

SkySong, the ASU Scottsdale Innovation Center, which is a joint venture between the university, the city of Scottsdale, the ASU Foundation and Plaza Companies, blends technology, research, people and entrepreneurship to drive high-tech and community-driven innovation.

Similar innovative joint ventures between Phoenix-area cities and higher education institutions are proving instrumental in attracting and aiding startups.

The region could use more of such partnerships.

Step 3: We are all responsible for creating the innovation we want

Another critical piece of the puzzle is creating responsive programs in partnership with community organizations that address the needs of diverse aspiring and existing entrepreneurs.

It is important to recognize that we are all responsible for the innovationdriven economic vitality of the communities around us.

ASU Poder, an initiative supported by a grant from the Cisco corporate-advised fund at Silicon Valley Community Foundation, serves as a strong example. The culturally responsive, entrepreneurship training and career preparation program aims to empower students, especially minority youth, in community colleges and underserved schools. Poder, which means, “to be able to” and “power” in Spanish, encourages students to think entrepreneurially and use their diverse background as a strength for their educational and professional advancement.

The program is a collaborative effort between ASU, Cisco, and South Mountain Community College. It aligns community members to work together to narrow the educational attainment gap for minority youth in Arizona. This is done through providing creative and critical thinking skills to help them adapt to 21st century career paths.

Could similar collaborative programs result in more diverse entrepreneurial ideas being heard, implemented and having an impact?

We think so.

How you can help

Scaling innovative, cutting-edge and inclusive ideas requires a constant stream of innovation, resources, opportunities and community support. Some additional ways in which Arizona communities can get involved and support bright entrepreneurs are:

» Fund ideas: As startups gain momentum and begin to scale up, they need financial or in-kind investment to take their ideas to the marketplace. While venture capitalists invested nearly $59 billion in U.S. companies in 2015, Arizona’s piece of the pie was only about $113.5 million, according to the Money Tree Report, issued by PricewaterhouseCoopers and the National Venture Capital Association based on data provided by Thomson Reuters.

We hope that public and private organizations continue to partner with ASU and local incubators and accelerators to increase the investment in local innovators’ ideas.

» Tap into innovative research and entrepreneurial talent:

Finding ways to embed and leverage local researchers and entrepreneurs’ research, products and services within local businesses can lead to collaborative innovation and local economic development.

For example, startup companies that have licensed ASU intellectual property have attracted more than $500 million in external funding, closing on nearly $185 million since 2013. The university’s venture development activities have led to the formation of more than 80 companies. Many of these startups operate in Arizona and represent hundreds of jobs.

Another partnership between Local Motors and ASU is engaging talented students and researchers in materials research for 3D-printed automotive parts that will be utilized to build the world’s first 3D-printed cars.

» Build a supportive community:

Access to grassroots community movements, such as the upcoming Phoenix Startup Week and #yesphx, as well as accomplished community mentors through ASU and other networks, can help local entrepreneurs gain sage counsel from predecessors who have been in their shoes.

The good news is that a number of businesses, corporations, entrepreneurs and accelerators are already connecting with ASU and other educational institutions as well as each other to support entrepreneurial education, build robust and useful networks, and provide opportunities and resources. We need to continue to expand these efforts to retain entrepreneurial students and support our economy to truly compete.

Building a home for entrepreneurs, after all, takes an entrepreneurial village.

Sethuraman “Panch” Panchanathan is chief research and innovation officer and executive vice president at Arizona State University.