You have an amazing concept for a tech startup. That’s wonderful! Knowing the ‘what’ is half the battle. The next question is, ‘where?’. There are so many cities around the world that would love to be home to your tech startup. Just remember that not all cities offer what your business needs to grow and thrive. To help you make your decision, we have identified the best tech startup ecosystems across the globe.
Berlin, Germany
Berlin is a booming startup ecosystem. The city offers a comfortable standard of living and all of the modern amenities you might desire. It's now wondering that 15% of the startups in the city have been founded by people from other countries.
Berlin is centrally located. Costs are relatively low when compared to nearby areas. There are also plenty of financing options for entrepreneurs. This includes Berlin Investment Bank, a state-owned financing entity with several programs made available for foreign-owned businesses.
New York City, USA
Sometimes bigger really is better. A well-established metropolis like NYC has infrastructure and resources for startups that simply don’t exist in many other places. Tech startups in NYC are growing, especially those that are considered to be ‘hyphen’ startups. These include Fin-tech as well as media-tech firms.
New York has a lot going for it. There’s a well established financial sector. The talent pool there is amazing, and it’s an attractive city for talent that’s located elsewhere. New York is also an excellent startup city for women and minorities.
Beijing, China
Beijing consistently ranks high on lists of best cities to launch a startup. The city has a low cost of living, the Chinese government is committed to becoming a tech leader in AI and other industries, and the right businesses can find major success there. It’s not easy to launch in China, but it can be well worth the effort. To succeed, we recommend finding a mentor who can help you understand Chinese business regulations, as well as customs and business norms.
Remember that the Chinese business ecosystem thrives on relationships (guanxi). The exchange of favors is a key method of doing business with other Chinese enterprises.
London, UK
Globally, London ranks third as a tech hub. First, because London is home to so many respectable universities, there is an abundance of business and tech talent to choose from. There is also plenty of VC funding available to tech startups, although competition for first round funding can be a bit stiff.
Thanks to its central location, London is a great place to launch a business that is active and competitive across the EU. Finally, the UK government wants to attract foreign business interests. There are multiple tax schemes in place to make launching in London as attractive as possible.
Seoul, South Korea
The South Korean government would love for you to launch your business in Seoul. In fact, they have created an investment fund of 9B in USD to back your tech startup. To date, this is the largest state funding backing per capita. Further, Seoul is a modern city with business ties to China and other hubs. It’s a comfortable place to live, and reasonably comfortable for westerners.
Lisbon, Portugal
Lisbon is emerging as a highly desired destination for both creative and tech startup founders. One of the factors driving this appeal is the presence of numerous accelerators and incubators. These include Labs Lisboa and EIT InnoEnergy. These provide much needed to support to entrepreneurs who may not otherwise succeed.
Lisbon is a city with a rich center. The government is committed to turning the Lisbon City center into a bustling business hub. They are encouraging property renovation in order to house brick and mortar businesses within the Lisbon city limits.
Conclusion: More to Come
The list of best cities for tech startups and other emerging businesses is ever changing. The only thing that remains constant is that governments and local enterprises need foreign-owned businesses to ensure that their cities remain competitive and attractive to business talent. Be on the lookout for future particles where we explore other cities and their viability as it relates to tech startup ecosystems.