These hubs create a vibrant ecosystem for startup founders.
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While Silicon Valley is the historic center of technological innovation, we’re now seeing the development of innovation hubs around the world. These hubs create a vibrant ecosystem for startup founders and an environment that encourages collaboration and information sharing among entrepreneurs, corporations and venture capital investors. The resulting surge in innovation does a great deal to boost a region’s economy and encourage the next generation of creative entrepreneurs.
Silicon Valley — named because of the silicon-based processors and transistors originally manufactured in the area — started this innovation trend. It’s still home to countless startups, major corporations, investors, and universities as well as startup incubators and accelerators. According to Pitchbook, the U.S. raised over $156 billion in venture capital during 2020. While I expect Silicon Valley to remain a strong center of startup innovation, the Covid-19 pandemic — not to mention the traffic and high living expenses in the Bay Area — has driven more people to relocate across the country and the world.
Beyond Silicon Valley, we’ve seen rapid startup growth in various U.S. cities including New York, Los Angeles, Boston, Seattle and Austin among others. 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, sometimes called “Silicon Alley,” is known for its blockchain expertise and for being a telecommunications hub. Microsoft developed a software culture in Seattle that resulted in an array of software 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 c
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Global Startup Hubs Where Innovation is Thriving