Business is changing. In a world of uncertainty where politics, the environment, and the tech revolution are now dominating the conversation, the push to be different (and better) is growing. From 2010, the number of deals by venture capitalists revved up from 8 500 to 14 800 in 2017. That’s a growth rate of over 73% over a span of 7 years.
Basic principles of succeeding in the cut-throat business world remain but it’s the approach that’s shifting: a brand with a message and, more importantly, a social conscience has a higher likelihood of success than it may have done 10 years ago. Not to mention, the consumer is savvier than they have ever been and will no longer be won over by the same schtick that worked for the last century.
The world is more connected than ever and, if anything, this has opened the market up so that it caters to more than just the top tech powerhouses. Geographically speaking Silicon Valley, Shanghai, and London still top the charts when it comes to start-up incubation. Now, other cities around the globe are on the rise and starting to join the club.
Below we chronicle the top five start-up capitals across the globe, where innovation lies at the heart of everything and where the next Airbnb or Uber just might come to fruition.
India’s technological jewel has a lot going for it and that makes the area rich for thriving new businesses. By keeping housing affordable, visionary locals are free to invest their time and money into getting their ideas off the ground.
With the third-highest number of tech businesses among global cities, Bengaluru, formerly known as Bangalore, is stepping forward into launching some of the most successful new start-ups. At this rate, they might even become the next Silicon Valley in a few years’ time.
It has almost become a well-worn stereotype but the rest of the world is looking to Scandinavia for the path to the future. Whether that is reduced working hours, universal basic income, or driving creative pursuits, Stockholm really is leading the way when it comes to progressive innovation.
Though made up of a relatively small population, Sweden’s capital still manages to punch above its own weight when it comes to start-up innovation. Spotify, Klarna and Skype are just three of the massive success stories to sprout out of this area. And, the infrastructure continues to support its overflowing barrel of ideas.
Sweden’s neighbour Finland harbours another Scandinavian success story when it comes to the start-up scene. Helsinki already hosts major tech companies such as Nokia, Rovio, and Linux and Finnish innovation culture continues to thrive.
Once again, the support of the government is crucial for Helsinki to continue its trajectory, with the “Finnish Start-up Permit” entering its third year giving new businesses the opportunity to form their own legacy while staying true to their local roots.
You know you are doing something right when American business professionals are leaving the comforts of the Big Apple and San Francisco to set up shop, and this is the reality for Israel’s powerhouse tech hub. With thousands of start-ups and venture capital that’s raised at two and a half times the US rate, the number of technology start-ups is growing exponentially in Tel Aviv and the city is ideally placed to continue this trend.
High living costs should have more of an impact but this does not seem to phase the new wave of future tech giants. Housing ubiquitous wifi hotspots and the universal business language, Tel Aviv will have its eyes set on the top spot.
To finish the countdown, it’s back to Europe. Much like the things that make the other cities on this list of leaders in the start-up leagues, Berlin has some key advantages that give it the edge. Reasonable living costs, the opportunity for government grants and an entrepreneurial spirit with healthy competition benefits not only Berlin but the entire country. The one other key thing that sees Berlin come out on top is the nature of inclusivity – the doors are wide open for the best minds and talents from everywhere to make their mark. If anything could sum up the future of business, this would be as good as any.