Of course, Silicon Valley still exists, and entrepreneurs could try to make their luck there, but its expensive lifestyle make it challenging, if not nearly impossible, to make a living while getting a company off the ground. Instead, check out these four cities as a potential home for a new startup venture:
For anyone craving a big city feel but still providing the access a smaller town brings, Melbourne may be the right place for your startup. The city possesses an infectious spirit of entrepreneurship and is overall very receptive to new ideas and taking risks. The CEO of Melbourne’s Asylum Seeker Resource Centre, Kon Karapanagiotidis, has found that “the diversity of the business community, its high desire for engagement, [and] a robust appetite to bring its networks and skills” contribute to the city’s attractiveness to young companies.
This likely doesn’t come as a surprise given Austin’s growing reputation as one of the overall best cities to live, but it would be a disservice not to mention it. Within the last year, both CNBC and the American City Business Journals praised the town as one of the top cities in America for starting a business, particularly for anyone looking to enter the tech industry. Austin “has it all,” says Kevin Johns, director of Austin’s Economic Development Department. There are entrepreneurs, incubators, investors, business schools, and community engagement, and more than enough to go around, on top of a very friendly, flourishing city.
The Economist Intelligence Unit named Stockholm the eighth most prolific developer of new tech startups in 2016, and is it any wonder with companies like Spotify, Skype, and SoundCloud calling it their home? Thanks to the high-speed internet courtesy of the Swedish government’s investments back in the 1990s, and the tax deductions for people buying computers, it makes sense that techies would flock to this city. Not to mention, their welfare system lessens the potential fallout if the company doesn’t take off, making it an attractive city to needing a little more of a security net.
Not only can Toronto claim to be one of the most multicultural cities in the world, but it’s also already home to Canada’s largest entrepreneur network. Already, Toronto has the successes of companies such as Shopify, FreshBooks, 500px, Wave, and Wattpad to add to its resume, with many more on the way. Toronto’s friendliness towards female entrepreneurs and immigrants alike make it especially appealing for demographics that are otherwise marginalized in other markets, and its overall diversity is a credit to the quality of life available.