The tech startup boom
Given the recent and ongoing global conditions of instability, tech companies are undoubtedly amongst those that are capitalising on the changes and people’s desire for convenience and online communication. Moreover, with the need for some businesses to move their operations entirely or partially online, tech companies have been integral in ensuring a seamless and effective shift to remote and digital operations. The US, in particular, has been active in facilitating the growth of the tech sector, be it through funding opportunities, employment opportunities, or the expansion of already existing tech companies. Furthermore, an active and thriving US economy has an impact on global trade and currency trading. Needless to say, the USD/EUR is affected by the US economy because its strength is informed by activity in two of the world’s leading countries and contributors to the global economy.
Acclaimed tech startup cities
For clarity, a tech startup is a company that is relatively new and offers products or services in the technology sector. This is inclusive of physical goods, such as computers, home entertainment devices and smart devices, as well as software and consulting services, such as operating systems, remote work platforms, repair and troubleshooting services and consulting. According to a March 2020 report, tech startups continue to thrive and grow across the globe, with an increase of 47% since 2007. However, this is believed to have further increased since then, given the advent of remote work. Some of the leading tech cities in the USA are said to be appealing because they offer competitive salaries, as well as growth and financing opportunities. Below are some of the top cities in the USA that are thriving hubs for tech startups, in no particular order:
With Illinois said to be the third largest producer of computer science degrees in the USA, it is no wonder that the city continues to prompt interest in the tech sector. Moreover, it has been reported that those who departed from Chicago with the hopes of better job opportunities elsewhere are considering a return because of the growing tech environment. Chicago is said to currently boast 6,150 tech startups, with over 375 of those having been founded in the past five years.
Known for its ongoing activity and high-value companies, Silicon Valley is characterised by a thriving and competitive tech industry, wealthy investors and business growth opportunities. These are just some of the factors that continue to make it appealing to tech startups, as it gives them access to funding, amenities, mentorship, key stakeholders and ongoing support, amongst other things. Because of this, Silicon Valley is expected to continue playing a fundamental role in the entrepreneurial growth of the USA and the world at large.
Named as the second highest performing global startup ecosystem in the world, New York City already offered more than 326,000 jobs in tech in 2018. At the time, it also boasted more than 7,000 startups, which is believed to have increased in the past three years. To quote the now former President and CEO of the New York Economic Development Corporation (NYEDC), James Patchett, “New York City’s vibrant tech industry is booming with record highs in companies, jobs and investment. As the talent capital of the world, and an epicentre for diversity and culture, there’s never been a better time to expand or start a company in New York City.”
Hailed amongst the best cities for startups, Boston ticks the boxes of what makes a conducive and attractive startup ecosystem. It boasts funding opportunities, a competitive talent pool, growth opportunities and a strong culture of giving back, amongst other factors.
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