Silicon Valley has become the stuff of legend. Most of the world’s recognizable tech companies – Apple, Google, Facebook, Adobe, Intel, and so forth – are all located in Silicon Valley. Is it possible for another location to have the same amount of success that Silicon Valley does? If so, where will it be? Plenty of people have tried to answer this question. Nobody knows for sure, but here are a few ideas:
Austin’s housing costs, taxes, and utility bills are much lower than that of almost every other state, making it the perfect place for startups to run a company without losing too much revenue from taxes and other costs. In fact, it is estimated that about one-third of companies moving to Texas left California due to the high costs of business. The biotech hub is home to over 160 diversified companies ranging from big names like Dell to up-and-coming competitors like Taskbox and Outbound Engine.
The Windy City boasts over 340,000 tech jobs and great educational opportunities for upcoming tech entrepreneurs. The University of Illinois at Urbana Champaign has the fifth-best undergraduate engineering program in the US. Some of the school’s graduates have founded companies like Yelp, YouTube, and PayPal.
New York City, New York
New York City’s economy is driven by finance and media. What makes New York City different from Silicon Valley is that technology is not seen as an industry – it is seen as a skill, according to New York’s deputy mayor for economic development Robert Steel. New York City’s technology can be easily applied to its plethora of existing entertainment, advertising, retail, fashion, and communication companies.
New York is already building the next crop of entrepreneurs. IBM has collaborated with a school in Brooklyn to teach children how to handle technology.
Tel Aviv, Israel
With over 5,000 startups, Tel Aviv has the second best startup economy in the world. Microsoft Ventures has established a location in Tel Aviv and the results have paid off – 85% of graduates from the first two classes raised about $1 million each.
The community is perfect for fostering innovation. People are very well-connected to one another and networking is ingrained in Israel’s culture. They are also very hard working, as both boys and girls are required to participate in military service to graduate high school. This type of training makes them disciplined, focused, and diligent.
People already believe in Tel Aviv’s success as the city is nicknamed Silicon Wadi (valley in Hebrew). Israel has been nicknamed the “Startup Nation.”
There’s innovation happening all over the world. There are so many companies doing unique and pioneering things that it’s almost hard to keep up with all the changes. It’s always important to keep an open mind and be on the lookout for new opportunities.