There are many countries attracting a significant number of start-ups and they are expanding and constructing themselves to support the influx of business and culture. Within United States, San Francisco is the obvious choice for many but New York has also been in discussion lately. Boston and Los Angeles are also in the list but to the level of San Francisco or New York. Whereas in Europe, London is attracted a significant start up culture and with good reason. Berlin is also in the same list.
Last year, an ambitious collaborative R & D project called “START UP GENOME” was created by Bjoern Herrmann, Max Mermer and Ertan Dogrultan. The goal of this ongoing project is to take a comprehensive, data driven dive into what makes tech startups successful and not so successful.
Silicon Valley (San Francisco, Palo Alto, San Jose, Oakland): The Silicon Valley office is one of three satellite locations of the U.S. Patent and Trademark Office mandated by a broad and controversial patent reform bill passed last summer.
New York City (NYC, Brooklyn): Recently, it was announced that Cornell’s New York City Tech campus will be the first university to have a direct partnership with the U.S. Patent and Trademark Office, giving future students access to resources and expert advice as they look to bring ideas and innovations to market. The idea is to help bridge the worlds of technology, education and government, educating students on the importance of patents and intellectual property while providing them with the means to ensure their innovations are protected — and ultimately help fuel the economy.
London is ranked at no. 3 followed by Toronto, Tel Aviv, Los Angeles, Singapore, and Sao Paulo. Indian city of Bangalore is ranked at no. 9 followed by Moscow, Paris, Santiago, Seattle, Madrid, Chicago, Vancouver, Berlin, Boston and Austin.
Financial capital of India,Mumbai is ranked 20 followed bySydney,Melbourne,Warsaw,Washington D.C andMontreal.
The founders of the startups are looking to find local support for each of the ecosystems. According to professor Olav Sorenson, local business do better in long run, last longer and expand larger profits and amount of cash when the founders launch them in their hometowns. This comes from the fact that these founders have deep routed connections in family and friends. Professor Olav also says that his study has shown that this particular factor shows up in terms of data as if the founders had previous industry experience. Professor Olav and professor Dahl, his colleague concluded this after deciding to look at more than ten thousand Danish startups and the characteristics of their founders. The study also included that larger the amount of time spent in less populated regions pays off larger profits as the social groups found there are more closer. The main factor contributing to the profitability and longevity of the business is the knots between the local communities. Their study also shows that hiring a team of people who have roots in the region prove easier to raise the capital. This is helpful as they know the local culture and also can speak the local language.
The research from startup genome showed many things like:
- Startup Compass– It is a free tool that allows the entrepreneurs to evaluate the progress by comparing their data with other rival startups. According to a mission statement, the only goal of the founders of the business and that of the product should be to make decisions by “utilizing a data driven feedback loop”.
- Blackbox– It is basically an educational program that is also used up as startup accelerator. The toiling away process have been still continuing at Startup Genome by Herrmann and Marmer, the data collection from around 16K startups has already signed up for Startup Compass.
It has been a year from the launch of Startup Genome and the entrepreneurs believe that it is reaching on the world’s top most entrepreneurial ecosystems by collecting strategic masses of data. To light up the way how these ecosystems are evolving and the rate of their evolution which is leading them forward, Startup Genome is about to launch a detailed analysis in an effort to give the startups a thorough glimpse.
A large number of software companies that have been created in last five years are a result of the web and the technologies accompanying it. The web has matured in a very distinctive manner which has succeeded in getting down the costs needed to launch a business. The growth of software companies has lead to the growth of the ecosystems all over the world. In a way, these ecosystems are necessary also as they have the capability to offer jobs to both regional and global sectors.
This data taken together will help to disclose the important ideas into strengths and weaknesses of the world’s ecosystems. Furthermore, the founders will be able to bring about the insights deciding where to start a business, deciding for the investors where to designate their capital and then looking for policymakers who make the ecosystems flourish.
The three most active hubs: Silicon Valley, New York City and London are compared below about how things work and how they don’t. For example,Silicon Valley is leading the way but the difference is becoming smaller every year. Presently, Silicon Valley’s startup is 3-times bigger than New York City and 4.5-times bigger than London. Also, with regards to success rate of the startup, Silicon Valley ecosystem has 22% more companies according to the stage scale than in NYC and 54% more companies than in London. Regarding the types of the products, NYC entrepreneurs compared to Silicon Valley’s entrepreneurs’ are 2 times more efficient to build games, 50% less likely to build marketplaces, 23% more efficient to build social networks, 3.5% more efficient to build infrastructure and 2.5% less likely to build financial tools. Silicon Valley entrepreneurs compared to London Entrepreneurs are 50% more efficient to build eCommerce products, 35% less likely to build social products, 3.5-times less likely to be build products based on user-generated content and 2-times more likely to be build project management software.
As the data collection is increasing by Startup Genome, the founders and entrepreneurs are blessed globally. In a company, Startup Compass should be surveyed, as it not only helps in gaining ideas but also standby the data set on world’s startup ecosystem.
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By Rahul Dev
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