Although Silicon Valley has long been the cradle of the startup tech sector, other challengers are quickly coming online. Featuring a lower cost of living, lower business costs, and access to funding or fresh university talent you may soon hear the following names associated with the next startup taking the industry by storm. Here are the next top five competitors for the New Silicon Valley.
“The most recent Global Startup Ecosystem Report (via Magnitt) done by Startup Genome has unveiled a fresh entrant to the global ecosystem ranking: Shanghai. The city joined the top 10 best startup ecosystems list at No. 8, absolutely makes sense considering the innovation and the massive inflow of capital currently experienced in the Asian markets overall.” Says Artur Kiulian of Colab LA.
According to Sanjay Malhotra at Clearbridge Mobile “I see Toronto as the next tech hub because it provides startups with access to some of the world’s best and brightest innovators. The next wave of tech talent is located up north in Toronto and its surrounding areas.”
“Israel is a paradise of tech innovation and has been enjoying growing collaboration and funding from the East, in particular, China, in recent years, making it a great hub for global businesses. Around 4,300 startups are currently operating in Israel, with more than two-thirds located within a 10-mile radius. That rate of development is second only to Silicon Valley.” According to Ofer Garnett of YouAPPi.
Juliette Rizkallah of SailPoint notes “Austin is already a hub for startups. But because it is not overflown with venture capital firms, startups in Austin have to learn to become financially sound and independent early on. This lack of easy funding has instilled in Austin entrepreneurs a work discipline that is based on impact and returns, which makes this city a great place to start a new business.”
“The technology corridor is growing here in the desert with more university and young entrepreneur talent. Labor is cheaper, as is rent and the overall cost of living, which means your startup funds go farther. Also, big tech companies are setting up shop here, so investors are also moving in. Overall, it offers everything Silicon Valley has except it’s not as crowded or expensive.” According to – Chalmers Brown of Due.
It seems startups are looking for the same things people who want to work for them want – low cost of living/doing business, access to talent, and access to funding. Your next startup gig may be well away from the West Coast but right where you need to be.