Startup Hubs: empowering innovation
Far away leaves the day when Silicon Valley conformed the center of technological innovation. Technological improvement and cheapening have provided resources to cultivate the already spread craving for innovation found abroad the Valley’s borders. As a result, a vast amount of tech hubs and startup environments have grown around the world where technology is pushed to its limits leading to new ideas.
In any case, novel innovation environments must comply with a set of requirements in order to be considered one of the world’s foremost tech hubs. Undoubtedly, the concerned area shall be able to access a successful talent pool while implementing the needed resources so as to attract the aforementioned talent. Besides, the former must count on top-notch infrastructure considering ultra fast internet connections and remarkable transport links among others. In addition, high quality of life shall conform another characteristic of the addressed environment.
Aiming to discover which are the requirements that a current tech hub must meet in order to achieve worldwide recognition, the current article will gather them. Afterwards, some of the most interesting and highlighted ongoing tech hubs will be introduced along their key to success.
Requirements for Successful Startup Innovation Hubs
The Bay Area may have been the first to reach them, but the keys for building an acknowledged tech hub are no longer particular to a single location.
Four are the requirements that any innovation hub must meet if it desires to approach the recognized Silicon Valley:
- Talent Availability. Having the possibility to reach out to talent pools such as universities and research centers shall constitute a matter of concern of any potential hub. Also, the talent level of the corresponding pool shall be considered.
- Talent Attraction. Different strategies shall be followed in order to move the aforementioned talent from the corresponding source to the hub. For instance, it is common knowledge that technological startup hubs tend to offer high-wage jobs with the previous purpose.
- Financing and Infrastructure. Another fact that must characterize any tech hub involves flexible financing plans and cutting-edge technological equipment. Providing these will ease pushing the current technology to its limits achieving the corresponding innovation environment.
- Political Regulation. Governments and regulators shall state a balance between promoting innovation and effective competition while protecting investors and consumers ensuring innovative environments.
Startup Hubs Beyond Silicon Valley
Multiple and diverse are the requirements that any blooming tech hub must meet in order to turn fortunate. Nevertheless, different locations around the globe could be highlighted as they already meet them.
- Beijing. It’s living low cost plus the city’s ravenous appetite for innovation located in the metropolis, as of March 2018, 66 out of China’s 151 unicorns.
- Los Ángeles. Caltech’s constant talent supply and UCLA’s record for most number of startups in the US make out of Los Ángeles an innovation hotspot which raised nearly $7 billion in 2017.
- Berlin. It’s bohemian reputation and the characteristic low rental rates took Berlin in 2017 to an all- time high of EUR4.2 billion in venture capital. Besides, it hosts the largest percentage of foreign startups in the EU (11% to an average 2%).
- Bangalore. With an endless talent pool of IT professionals, predictions estimate $80 billion in IT exports for the near future.