Do you want to start a high-growth startup business? If this is your goal, the rules will be a little different.
Instead of focusing on cities that have cheaper labor and the best overall business, you need to focus more on access to angel and venture capital funding, business incubators and accelerators, and a climate that supports startups. This is not to say that your startup wins won't succeed anywhere else, but if you are looking for the best places to take root, these cities have a startup-friendly track record.
To determine which cities are pruning, I turn to the Global Startup Ecosystem Compass Report for 2018. If you want to learn more about starting a business in a particular city on this list and check what each city has to offer for new startups, I have also include many resources to get you started.
Coming in at number one is Silicon Valley, California's resident center for startups and innovation. While our first city on this list is not even a proper "city", it is rather an area consisting of several Bay Area cities, the place is very well-deserved.
Not only is Silicon Valley home to some of the world's leading technology companies - Google, Apple, Intuit and so on - but the presence of a highly skilled workforce, an abundance of investors, and a generally growing startup culture makes it the "start-up capital" used to measure all other cities.
As far as the six measurements where Kompas appraises every city execution, subsidizing, advertise reach, ability, startup experience, and quickest development, the Silicon Valley district cleared the board, starting things out in execution, financing, ability, and startup experience.
It's a bit unnecessary to sell you in Silicon Valley; an area known as a startup center that has several TV shows based around ideas that require very little sales.
Jumping from fifth place in 2012, NYC came in at number two. New York City also ranked number one in market reach and number two in performance and funding, according to the Kompas report.
It is also one of the leading cities when it comes to environmental, research universities, and "economic influence," according to a study in the most successful cities worldwide by PricewaterhouseCoopers.
Not only that, New York City is home to "Silicon Alley," a moniker drawn from the region that claims the number one spot. The comparison is just right, because this technology center is experiencing huge growth. Plus, new startups or those who move to NYC can start tax free for 10 years, provided they meet certain requirements - a very attractive selling point.
New York has a GDP of $ 1.5 billion and it is from this city that many of the key decision-makers in the US economy live and work. The cost of living is still high, but the city that never sleeps has endless possibilities for contacts for your business to grow.
This has not always been the ideal place for start-ups, but attracting entrepreneurs has been a priority for the city, resulting in a 40% increase in jobs in the technology sector since 2008. Called the next big startup market by some, Los Angeles's key selling point as a startup hub is access to content production - which is not surprising, given the fact that content production has always been a recognized area.
Even though Boston is number four on the list according to Kompas, it will probably increase even higher in the coming years.
A 2016 report by the United States Chamber of Commerce positioned Boston first in the US. a startup center, in view of "a reasonable accentuation on cutting edge innovation organizations having some expertise in the training, vitality and human services ventures; high caliber of life rating; and a benevolent administrative condition for the startup network. "
While there may be disputes over Boston's placement in the top 10, there seems to be no doubt that this is a good choice for new startups. Boston Mayor Marty Walsh even claimed that he predicted Boston to be the bold technological capital of the world statement-indeed, indeed!
Israel is known as the nation of start-ups and is investing in research and development like no other in the world. Tel Aviv has a very large commercial hub in the country and now has more than 4,000 start-ups; approximately one per 100 residents. The cost of living is relatively high, but this justifies the skills available and the possibility of easy access to funding.
Start-ups used to focus on security, computing, and communication. In recent years, activities have become more diversified, including e-commerce, data management, and advertising. The environment is now favorably positioned for growth in the Internet of Things (IoT).
London is a truly international city, bursting with talent. Starting your business will not be easy in London, but the environment offers tremendous value for start-ups, and many opportunities will be available for you to become as big as anywhere else. The city has a great track record in transforming innovative start-ups into world leaders.
Many global companies gravitate around London, especially in the financial sector, while its status as a media hub, creative hub, and education allows start-ups to expose themselves to many talents. London is also the most visited city in the world. It is therefore distinguished by its access to a large number of customers both locally and internationally.
While having 27 million square meters of office space, entrepreneurs will also be able to choose to work from cafes or trendy co-working spaces in order to reduce the costs of their business.
While Chicago was ranked seventh overall according to Compass, it also ranked second on the list of the top cities with the fastest-growing companies, which was only defeated by New York City. In fact, since 2012, Chicago has surged in the ranking all the way from number 10 spot to number seven. Chicago also ranked second, according to research by the successful cities of PricewaterhouseCooper, in terms of activity.
With lots of technology talent, a large VC presence, and a very diverse startup industry that covers everything from health care to education; it's easy to see why Chicago is called "one of the hottest tech startup scenes."
At number eight according to Compass, Seattle ranks third for getting started and fourth for available talent. Even though Seattle is weakest in terms of availability of venture capital, this is poised to shift in the coming years, because Seattle venture capital is growing 40 percent faster than the national average.
As a longtime player in the world of technology, with companies like Microsoft and Amazon calling Seattle home, the technology sector of the startup industry in Seattle today.
The German Capital is cheap and ideal for start-ups in their early stages of development. Berlin attracted more venture capital last year than any other city in Europe and its start-up environment is growing faster than anywhere else in the world. It is also an attractive place for new talent due to its rising reputation as a creative and cultural hub.
This evolution is explained by the fact that the cost of living has remained relatively low. It is easy to acquire offices, whether you are willing to work in a converted factory or a dynamic co-working space.
This is particularly interesting to start a start-up. The most incredible thing is that a new company is created every 20 minutes.
The city-state invests heavily in its ecosystem of startups. As a country, Singapore is the world leader in terms of trade facilities based on World Bank data. As a city, Singapore is a group of start-ups renowned for its easy access to financing and its opportunities in terms of networks.
Singapore has rapidly developed as a financial center. Now, the government is particularly keen to attract new start-ups thanks to many tax breaks and many financial benefits, although the cost of living is still high. The domestic market is limited, but Singapore is a strategic location for entrepreneurs wanting to create trade with the developing regions of the Pacific and Asia.
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