Both expat and local entrepreneurs contribute to national economies and the global economy to make the world a better place through unique products and excellent services. But where in the world are the best places to set up your business or join a charismatic team of changemakers? Startup Genome, a solid support system for technology organisations in forward-looking cities, has composed a geographic and sectorial report, which signals the beginning of a new technological era. We present the startup environment in some of the most entrepreneur-friendly cities.
Silicon Valley - Bay Area
Silicon Valley contains all the ingredients of the most attractive startup ecosystem in the world — top universities, mentors, venture capitalists, global talent, large tech companies, and high-density entrepreneurship. The tech sectors which offer the most opportunities in the area are AI and Big Data, with Facebook, Google, and Uber having recruited some of the best AI experts in the world. What makes Silicon Valley unique is the culture of collaboration among startups — founders and departments amicably exchange data and research, and share knowledge. If you haven't been convinced yet, know that in 2017, the vast amount of 25 billion dollars was invested in local startups.
New York City
New York City is currently the second most attractive tech ecosystem in the world. In the past five years, NYC's startup market has grown massively, from a 2.3-billion-dollar-investment to about 13 billion in 2017. Today, more than 326,000 technology jobs exist in the region, as well as the world's largest 3D printing activity. Also, NYC has the most unicorns (privately held startups with a value of one billion dollars or above) in the States, after Silicon Valley. WeWork, a global network of workspaces is a New York City unicorn and one of the most high-priced startups in the world, valued at 20 billion dollars. Of course, when talking about New York City, we couldn't leave out the diversity and culture, which make it such a unique and creative place to thrive in.
Paris
Paris is making serious efforts to become a desirable place for international startups. President Emmanuel Macron has pledged 11 billion dollars to make France a “country of unicorns” by 2020. To make the nation attractive to foreign talent, in 2015, the French government put in place a program for international startups, called French Tech Ticket, which welcomes entrepreneurs from different nationalities and sectors such as robotics, biotech, agritech, etc. Last year, the world's biggest startup campus in the world, Station F, opened in Paris, bringing global entrepreneurs under the same roof. Education Tech is the most relevant sector in Paris for startups, with 322 companies applying new technologies on traditional education practices. To top it off, France has launched a series of supportive legislation and tax programs for new companies.
Tel Aviv
Israel, known as the “Startup Nation”, has the highest number of startups per capita in the world. The young population (29% is between 18 to 35 years old), innovation policies, technology innovation, and cultural diversity, make Tel Aviv the world's leader in the cybersecurity sector, after the US — about 16% of global cybersecurity investments happen there. The autotech sector is also flourishing in Tel Aviv, with investments jumping up to 200% in the past three years. Prime carmakers such as Porsche and Renault have established research and development centres in Israel's capital city to collaborate with local autotech startups. For example, Waze, a GPS navigation software, was launched in Tel Aviv and has been bought by Google for 1.3 billion dollars.
Kuala Lumpur
The World Bank ranked Malaysia in the 24th position for ease in doing business; the country also gives access to the thriving Southeast Asian market. The most mature sector in Kuala Lumpur is E-commerce, which has grown 45% since 2015 and is worth 2.4 billion dollars. Fashion Valet, a vast online store, is one of the most striking examples of the country's startup success story. Also, Malaysia is one of the top destinations in the world for medical tourism with almost one million people visiting the country annually to receive some kind of treatment. Thus, there are many opportunities in the healthcare industry for investors and founders.
Montreal
Montreal's cultural richness, affordable cost of living, and presence of world-class universities make the Canadian city one of the most startup-friendly ecosystems in the world. Montreal is home to about 100,000 ICT employees and has the largest concentration of AI scientist in the world. Also, the Montreal Institute for Learning Algorithms (MILA) is the world's most prestigious and largest union of deep learning researchers. Canada's gaming hub is in Montreal, which hosts 35% of the country's gaming studios and more than 100,000 game developers. In 2017 Montreal received the largest venture capital than any other Canadian city, making it an appealing spot for entrepreneurs, founders, and investors.
