Global Startup Hubs where Innovation thrives

These hubs provide a dynamic environment for founders of startups.

Free Preview:
Create Your Own Business

Send your email to receive a glimpse at Chapter 3. “Good Idea!” What is the best way to know if I have a great idea for my business?

Read for 4 minutes

Opinions expressed by Entrepreneur contributors are their own.

Although Silicon Valley has been the center of technology innovation for many years, innovation hubs are emerging all over the globe. The hubs provide a rich environment for startups and encourage collaboration between corporations, entrepreneurs and investors. This innovation boost can do a lot to improve a community’s economy as well as encourage new creative entrepreneurs.

Silicon Valley was named for the first silicon-based transistors and processors that were manufactured there. This innovation trend started in Silicon Valley. There are still many startups and major corporations in the area, as well as investors and universities, as well as incubators and accelerators for startup founders. According to Pitchbook, the U.S. raised over $156 billion in venture capital during 2020. Although I believe Silicon Valley will remain an important center for startup innovation, the Covid-19 pandemic and high living costs in the Bay Area have caused more people to move across the nation.

Related: These 8 Heartland Cities Are Essential to the Future of American Innovation

We’ve witnessed rapid startup growth beyond Silicon Valley. According to KPMG, the top factors that are important for a tech hub are modern infrastructure, an urban locale, at least one research-intensive university, investment funding and available talent. New York is often called “Silicon Alley” because of its expertise in blockchain and being a major telecommunications center. Microsoft created a culture of software in Seattle, which led to dozens of startups. And Politico reports that Oracle, Hewlett-Packard and Elon Musk have all relocated to Texas recently.

Around the globe, increasing influential innovation hubs include Tel Aviv, which known for its artificial intelligence, mobility, and cybersecurity expertise; London, regarded as a FinTech center; Stockholm, known for producing unicorns; Finland, ranking second in capital investments per capital according to TechGenyz; and Tokyo, where corporations are banking on startup investments to bring outside innovation inside.

Related: Yes, Your Company Is Actually Discouraging Innovation

Events and organizations are frequently the ones that help to foster a startup ecosystem. These are just a few examples:

  • Startup Grind is a global network for startups, corporation and investors with a strong presence in Silicon Valley — where it hosts a global annual conference — and in local markets around the world.
  • Adeo Ressi started the Founders Institute, a pre-seed startup accelerator program, in 2009 and he’s working to empower a network of entrepreneurs around the world.
  • MOX is a mobile-only accelerator serving mobile Internet users. This accelerator is part of SOSV (an accelerator VC) and assists startups in achieving success through its network partners, mentors, investors and other market experts.
  • Web Summit, hosted in Portugal and organized by a company in Ireland, has become one of the most highly regarded gathering places for startups, corporations, and investors.

Global innovation is also influenced by competition. The Startup World Cup has grown rapidly with 60+ regional competitions around the world. Every regional competition draws local entrepreneurs. The regional winners then go on to the final event. The winner is awarded a $1,000,000 investment prize. Participating entrepreneurs benefit from the strong community of investors, startups and corporations that is part of Startup World Cup. Companies who participate in the Startup World Cup can find partners with startups that will help them achieve their goals.

It’s thrilling to see which innovation centers will emerge as we recover from the pandemic. People have many creative ideas. I urge budding entrepreneurs not to let this stop them from pursuing their goals and making a difference in the world.

Related: Why Success Can Lead to Innovation Blindness

Publited Sat, 07 August 2021 at 12:15:04 +0000

Leave a Reply

Your email address will not be published. Required fields are marked *