- SmallBusinessPrices.co.uk have compiled a list of the top 5 rising tech hubs in the world.
- Boulder, Colorado in the United States tops the list highest business valuations and amount startup investors.
- The top five covered 5 out of 7 of the world’s continents. For Europe, Sweden’s capital, Stockholm topped the list and Bangalore in India took the hotspot for Asia.
The tech start-up industry is booming, and with millennials being coined the ‘global generation’, many are moving abroad for work and entrepreneurial opportunities. In an increasingly saturated industry, young innovators are faced with expensive living costs, fierce competition and fewer prospects in populated cities like Silicon Valley and London.
SmallBusinessPrices.co.uk has researched data that lists some of the best cities to live and work in for young people who want to launch their own business. The research measures the average internet speed, the average business valuation, and cost of living, among other metrics.
The research places Boulder, Colorado at #1, ranking with some of the best scores across internet accessibility, potential business prospects, and infrastructure scores.
The Top 5 Rising Tech Hubs
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1. Boulder, USA – With the second highest internet speed, Boulder has over 5,000 business investors and an average business valuation coming in at $4.3 million. For those looking to consider a location other than Silicon Valley, Boulder is a prime location for those wanting to start their next tech-startup.
2. Bangalore, India – With a population of 10 million, Bangalore is the third most populous city in India. Despite an average internet speed of 11mbps, Bangalore has over 6,000 investors and an average business value of $3.4 million making it one of the best locations on the Asian continent.
3. Johannesburg, South Africa – One of the largest urban areas in the world, Johannesburg has a reasonable average monthly rent cost of $416, making it one of the most affordable tech hubs for young innovators. The city has an average business valuation of $3.6 million and over 1,200 investors.
4. Santiago, Chile – The capital city is the cultural, financial and political centre of Chile, making it a popular destination for those in the South American continent to consider as a new home for the tech startup company. With 1,201 startups, the city has an average monthly rent cost of $372, making it the second cheapest city to live behind Colombo in Sri Lanka.
5. Stockholm, Sweden – Named the 9th happiest country in the world, Stockholm is the capital of Sweden and ranks number 5 for the World’s Rising Tech Hubs. Being the third most expensive city to live in with an average monthly rent cost of $1,248, however, the city scores highly for its internet connectivity with the second highest average internet speed of 42mbps behind Houston, Texas.
Connectivity is a non-negotiable in the 21st-century working world, especially for tech startups, cities that scored well for connectivity are:
- Despite only having 322 public wifi hotspots, Houston is number one for the highest average internet speed of 65 Mbps
- Stockholm offers some of the highest internet speed outside of the United States at 37 Mbps
Recently, there has been growing trends of millennials moving abroad for greater work opportunities. Here are some of the cities that performed well:
- Bangalore has over 7,500 startups and the largest amount of investors (6,236)
- Boulder has the highest average business valuation of $3.4 million
The cost of living is one of the biggest concerns for young people as property prices soar:
- Helsinki has the highest average monthly rent cost of $1,548, with Tel-Aviv ($1,338), and Boulder ($1,250) respectively
- Lagos has the lowest infrastructure score of 2.4, with the highest being Stockholm (4.27)
Ian Wright, CEO of SmallBusinessPrices.co.uk said, “In a growing industry, tech startups are the future of the business world. Moving away from cities like Silicon Valley, London, and Tel-Aviv, our research reveals there are several cities across the continents that have the potential to become the technology epicentres of tomorrow”.
Whilst many believe that cities in the West such as Silicon Valley are the only locations for entrepreneurs to launch their tech startups, this new research reveals hubs across the world are competing for the top spot. With some surprising entries to the list, we are beginning to see the shift of tech hubs moving from the West to the East.
The best city in each continent and the overall list can be viewed here.