According to figures from GEM Global Report an incredible 100 million businesses are launched around the globe each year; that’s three every single second!
The bad news is that 90% of those businesses will fail, so it’s essential to get every aspect of your start-up correct and of course, location is key.
In no particular order, we take you through some of the hottest cities in the world right now to establish and grow your business:
Silicon Valley
Where else could we start? Silicon Valley is the home of the start-up over and shows no signs of relinquishing its position as top dog any time soon.
As well as housing literally thousands of start-ups. it also serves as the headquarters of many of the world’s most significant high-tech corporations including Apple, Google, Facebook and multinational giants such as Visa, Chevron and Wells Fargo.
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London
While London remains a financial powerhouse it has rapidly become a major centre for innovation and entrepreneurship. To highlight this growth, in London’s Tech City (Silicon Roundabout) alone, there were 250 digital companies in 2010 – now there are over 3,000!
One of the most diverse cities in the world, it isn’t hard to see why London is such an attractive place to set up businesses regardless of your industry.
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Tel Aviv
While Tel Aviv might not have the same global prestige as some of the cities on this list, there is no denying that it has one of the strongest start-up ecosystems in the world.
While a drawback can be the lack of local customers and issues of scalability, there is a great talent pool in the city and many start-ups comment on the openness and collaborative nature of the city’s business culture.
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Singapore
One of the fastest moving start-up cities in the world, new businesses in Singapore are supported by the government and avoid the traditionally expensive rents through a number of tax breaks.
While it is not always the easiest city to attract and retain top talent, there is a great energy in the city with a lot of healthy competition and networking opportunities to be had.
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New York
One of the strongest financial ecosystems in the world. If you’re looking for investment then New York is the place to be. Compared with the average investment size of sub $6m in Europe, the average investment size in New York is $11m.
The time difference with Europe is more favourable than the West Coast, top talent hiring and retention is perhaps easier than in Silicon Valley and the opportunities for collaborations with large corporations are abundant.
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Amsterdam
Top-class education, great co-working space and a culturally appealing city all add up to make Amsterdam a very attractive option for start-up businesses.
While issues of scaling quickly do still occur in Amsterdam (and across Europe in general) the start-up scene here continues to grow quickly with some of the most innovative workspaces in the world emerging from the Dutch capital.
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Paris
Perhaps not the first city you think to be synonymous with a thriving entrepreneurial scene, Paris is actually home to an established start-up community.
While it remains relatively hard to attract foreign talent to start-ups in Paris, success stories include Dailymotion, the video streaming site and legal music streaming site, Deezer.
In 2016, Paris is also set to open the world’s largest digital business incubator that will house 1,000 innovative start-ups in the heart of the city.
Sydney
Almost two-thirds of all Australian start-ups originate in Sydney making it easily the biggest start-up ecosystem in the country. It has a vibrant tech scene and attracts the top talent across the country and further afield.
Sydney has a high standard of living and a friendly approach to business. One possible drawback is its geographical location if trying to set up an international business. However, it still benefits from overlapping the working day with the West Coast of the US and most Asian capital cities.
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Berlin
If you want a corporate environment then head to Munich; if you’re looking for a vibrant creative start-up scene then head to Berlin.
According to Gruenden, an advisory agency for new companies, a new start-up is founded every 20 minutes in Berlin, helping to add fuel to the idea that it is the next major tech hub in the world.
Significant successes to come out of Berlin include SoundCloud, HelloFresh and fashion etailer, Zalando.
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Instant Offices provides flexible office space across the entire globe so if you’re looking for flexible office space for your start-up then get in touch.