In terms of quality of life, local industry and socioeconomic conditions, some cities are better than others for entrepreneurial endeavors. Prosperity will always be the key factor to consider; when a metropolitan area is booming, the odds of business success will always be higher. But there is also the matter of striking a balance between where you want to base your operations and who you plan to meet.
The best cities for startup companies are better described as ecosystems that offer the right blend of culture, talent, business-friendly regulations, incentives, mindset, and available capital. A Silicon Valley entrepreneur whose next project involves video game development, for example, may want to look at Sunnyvale because this where Atari is headquartered, and this tends to attract talented programmers who seek to live close to the spiritual home of computer gaming.
With all the above in mind, here are some cities where entrepreneurs in certain sectors are more likely to find a supportive ecosystem to boost their success potential:
Germany has been at the forefront of European economic development ever since Chancellor Angela Merkel took office in 2005, and Berlin has become the country’s center of entrepreneurial growth. This is a city where venture capital firms actually compete against government funding agencies for the opportunity to invest in new business ventures; furthermore, Berlin residents are known to be highly skilled and well-educated.
In this affordable Texas city, universities and research centers compete for development projects, particularly in the health sciences and biotechnology sectors. Similar to Berlin, the population of this metropolitan center is highly educated; plus, this is an affordable city that enjoys a high quality of life.
The South Florida region is often overlooked in terms of IT development, and this is paradoxical when considering that Boca Raton is where the first IBM PC prototype was developed in the early 1980s. Networking giant Citrix Systems moved to Fort Lauderdale from Texas in the early 1990s, and Miami is where Alienware computers were first assembled in 1996. Miami has the advantage of being the financial capital of Latin America; for this reason, quite a few financial technology startup companies have moved to South Florida in recent years. Unfortunately, income inequality and a high cost of living make working in this region a challenge.
If you are interested in hiring the best young minds to work for your company, you will certainly find them in Boston. Harvard, MIT, Cambridge, and Northeastern are just some of the universities pumping out talent in Boston, a city where quite a few biotechnology, insurance, banking, and internet startups have been flourishing since the 1970s.
Whether the United Kingdom is able to stay in the European Union or not, the Brexit referendum has already prompted quite a few finance companies to relocate from London to Amsterdam, and they are unlikely to move back anytime soon. The internet infrastructure in The Netherlands is one of the best in the world, and Amsterdam has welcomed around 800 startups since the city rolled out a business-friendly initiative in 2010.