Upcoming Cities Around the World for Startups
When you think of startup hubs, the first place that comes to mind is probably Silicon Valley, right? Or, if not there, then New York City. These are the obvious places for startup activity- as natural centers of commercial and technological activity, it only makes sense that tech startups would carve out a niche there. If you think you’ll have to take up residence in the pricey San Francisco Bay area or Manhattan to startup your own business, however, you’ve been sorely mislead. Thankfully, as technologies advance and innovative minds far and wide come forth with their ideas, cities all around the world are becoming hubs of startup activity. Here are some of the top cities around the world for startups.
Even with the United Kingdom’s recent departure from the European Union with Brexit, London remains a core European city for startup activity. According to a 2016 CBRE report, $8.8 billion dollars were invested in U.K. startups last year. London’s exit value increased four times over two years.
The capital of Texas may not seem like the most likely candidate for startup activity, but the city ranks at the top of the list for startup density, rate of entrepreneurship, and opportunity share among a ranking of 25 cities in the United States from the Kauffman Foundation.
Tel Aviv, Israel
If you’ve read the book Startup Nation, then you will know that Israel underwent a major economic boom and has been churning out more startups than many larger, more stable nations for many years now. Tel Aviv, the capital of Israel, is home to more than 1,500 startups. According to a 2015 report, it is the top city for startups outside of the United States.
Boston is one of the top cities for startups in the United States. It is considered a “second-tier” startup capital city, according to Fred Wilson of Union Square Venture. The area has seen significant growth in venture capital firms over the last few years, with companies like Liberty Mutual Strategic Ventures and Underscore VC moving in.
Singapore is a city-state of millionaires; according to data from WealthInsight, it is projected that the city will be home to 188,000 millionaires (one in every 30 citizens), and in 2015, it was ranked number 10 for entrepreneurship among cities around the world. With over 3,600 active startups currently, it is one of the fastest-growing and most heavily-funded startup cities in the world.
Bangalore is home to about half of India’s startup activity, according to managing director of Lightspeed India Partners Advisors, Dev Khare- considering the size of India, this figure is astounding! Bangalore plays host to nearly 5,000 startups and has nearly $2.3 billion in investments.
Berlin is a mecca of technology startups. The city is home to many prosperous tech startups such as Clue, Delivery Hero, and Soundcloud. Berlin ranks number one in the world in terms of exit value, with a growth rate of 20 times, based on the 2015 Global Startup Ecosystem Ranking.