28 / May / 2024 : 16-41

The best cities for business startup projects

It used to be for the young and the ambitious; the best advice was to “go west.” Whether heading to Hollywood or moving to America, riches and success were not found in the place you were, but in the place you weren’t: just beyond the Western horizon.This romantic notion that the “West is best” still prevails today. Many still believe the best place for entrepreneurs, especially those working in technology or seeking funding and network connections, is in California. The challenges of finding affordable housing and the cost of living have made moving there risky for some and prohibitive for others.Fortunately, with the continuing expansion of the global community and our interconnected world, centers of innovation and entrepreneurship are now found in many countries. To paraphrase the Bard himself, “The world is our oyster.”Here are eleven of the most interesting startup cities in the world:

1. Silicon Valley, California, USA

Coming in at number one (which should surprise absolutely no one) is Silicon Valley, California’s resident hub for startup and entrepreneurial innovation.While our first city on this list isn’t even a proper “city,” but rather a region which comprises several Bay Area cities, its spot is well-deserved.Not only is Silicon Valley home to some of the foremost tech companies in the world—Google, Apple, Intuit, and so on—but the presence of a highly skilled workforce, an abundance of investors, and a flourishing startup culture in general make it the “startup capital” against which all other cities are measured.In terms of the six metrics by which Compass evaluated each city (performance, funding, market reach, talent, startup experience, and fastest growing), the Silicon Valley area swept the board, coming in first in performance, funding, talent, and startup experience.It’s a little unnecessary to sell you on Silicon Valley; a region so notorious for being a startup hub that it has several TV shows based around the idea needs very little selling.

2. New York City, New York, USA

Jumping from fifth place in 2012, NYC takes the number two spot. New York City also ranked number one in market reach and number two in performance and funding, according to Compass’s report.It is also one of the leading cities when it comes to entrepreneurial environment, research universities, and “economic clout".Not only that, New York City is home to “Silicon Alley,” a moniker drawn from the region claiming the number one spot. The comparison is fitting, as this tech hub is experiencing huge growth. Plus, new startups or those relocating to NYC can start up tax-free for 10 years, provided they meet certain requirements—a hugely appealing selling point.

3. Los Angeles, California, USA

Coming in at the number three spot is Los Angeles, California. While not generally thought of as a hotspot in the same way as the Silicon Valley area, Los Angeles ranks second in market reach, and fourth in performance and funding, behind NYC.Called the next big startup market by some, Los Angeles key selling point as a startup hub is access to content production—which isn’t surprising, given the fact the content production has always been what the area is known for.

4. Boston, Massachusetts, USA

While Boston is number four on the list according to Compass, it may be poised to climb higher in the coming years.A 2016 report the U.S. ranked Boston first among U.S. startup hubs, based on the city’s “clear emphasis on next generation tech companies specializing in education, energy and healthcare industries; high quality of life ratings; and a welcoming regulatory environment for startup communities.”While there may be contention in terms of the exact placement of Boston in the top 10, there seems to be no doubt that it’s a great option for new startups. Boston Mayor Marty Walsh has even claimed that he foresees Boston becoming the tech capital of the world—a bold statement, indeed!

5. Tel Aviv, Israel

Ranking fifth overall, Tel Aviv comes in at number three in terms of availability of talent, and number five for funding.Often called the “startup nation,” Israel is experiencing a boom in startup activity, making it an appealing place for budding entrepreneurs who wish to be a part of a rapidly growing hub of startup activity.In fact, Israel attracts more venture capital per person, per capita than any other country in the world—and that fact alone might be enough to influence budding entrepreneurs to check out Tel Aviv.

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The best cities for business startup projects

1. Silicon Valley, California, USA

2. New York City, New York, USA

3. Los Angeles, California, USA

4. Boston, Massachusetts, USA

5. Tel Aviv, Israel

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