Technology continues to progress as time goes by. It’s safe to say that modern technological advancements have reshaped the business environment, as well as the online world so many people are dependent on these days. What’s more, the new business ecosystem has created various new opportunities for entrepreneurs to capitalize on their ideas. Today, more startup companies are being launched every day than ever before.
However, it’s not easy choosing the right location for your startup business. Cities around the world are thriving in the field of startup economy. Many of those cities have developed special conditions, such as favorable economic efficiency and lower taxation to encourage more startup businesses. Needless to say, the globalization of the online market has allowed entrepreneurs to choose from a wide variety of startup hubs to start their business. Here are a few top startup hubs for you to choose from.
When it comes to startup economy and ecosystems in Europe, entrepreneurs shouldn’t overlook Austria. Austria’s capital, Vienna has become one of the rising hubs for startup businesses. The main reason is that Vienna’s startup landscape has developed over the past few years. Nowadays, it’s an ideal environment for early investments and opportunities.
Vienna has all the services and supports a startup business can possibly need, such as specialized events, startup services, public financial support, co-working spaces, and facilities, as well as accelerators, incubators, and networking services. Not only that, but the startup business community collaborates and they are also willing to share their experiences with other entrepreneurs.
Hong Kong, China
Hong Kong is one of the major industrial centers in Asia and a vanguard for global trade. What’s more, Hong Kong is the fourth most densely-populated province in the world, with over 7.5 million people. That makes Hong Kong a highly competitive market. That’s why many startup businesses must rely on effective marketing, such as investing in search engine optimization in Hong Kong, in order to overcome their competition.
That being said, Hong Kong does, in fact, have a unique environment suited for startups. As an example, they implement specialized economic efficiency, lack of restrictions on capital gains and reduced taxation, as well as over 20 government supported funding schemes for various business ideas, in order to boost their startup support. Hong Kong is home to over 2000 startups with that number continuing to increase rapidly.
Germany has always been famous for having good economic growth and stability. Germany’s capital, Berlin, is no different. Berlin is also popular for having a unique startup ecosystem and suitable conditions for international startup businesses.
For instance, Berlin has high investor support for new businesses. What’s more, the average cost of office rent is lower than any other European capital. In addition, Berlin offers good conditions and fixed interest rates for long-term loans with special conditions for startup businesses. This makes it an ideal environment to start your company.
Finland is a fast-growing Nordic state with great economic prosperity. Helsinki has become the lead capital of startup growth and development that’s been recognized around the world. Helsinki is experiencing growth in artificial intelligence (AI) development, health and its renowned gaming industry.
The main reason Helsinki offers suitable startup environment ideal for a startup ecosystem is its connectedness. Helsinki’s smart city framework allows startup environments to flourish. Not only that, but Helsinki favors good government support, a strong talent pool and some of the best universities in the world. This makes the capital of Finland a very popular destination for entrepreneurs.
San Francisco, USA
San Francisco is the leader in the startup economy and ecosystems. The Silicon Valley is globally popular for its startups and venture capital. As a matter of fact, startups in the Silicon Valley have generated over $26 billion in venture capital in 2017. It’s estimated that the San Francisco’s startup ecosystem alone is valued well over $279 billion. San Francisco offers the best salaries and opportunities for entrepreneurs.
However, entrepreneurs are slowly starting to lose interest in the Silicon Valley, regardless of the vast potential and great benefits. The main reason is that the crime rate in San Francisco has increased considerably in the past few years. Also, the costs of living and real estate prices have skyrocketed. Not only that, but the overall quality of life in San Francisco is declining. It seems that the Silicon Valley is slowly losing its top position to European and Asian startup hubs.
Launching a startup business has never been easier than it is today. Globalization and technological improvements have created a unique global environment for startup businesses. Each startup hub has its own unique advantages for entrepreneurs. It’s up to you to pick a city that suits you business idea best.