Whether it’s for family, education or career opportunities, there are myriad reasons why an individual might relocate.
At Movinga, we’ve made it our mission to delve into the various motivations behind moving with our series of studies looking into the best locations for opportunity, so far using data to determine the best cities to find both a job and to find love.
In this third instalment, we focused on those individuals looking for new business opportunities, whether that’s opening a new restaurant, launching a tech startup or expanding an import/export business into new markets.
The result is a ranking of the best cities for entrepreneurs, which we hope will not only inform those looking to embark on an exciting new business venture, but will also highlight those cities that have successfully implemented business-minded legislation to help foster innovation.
To begin the study, we first chose 75 cities from around the globe which are renowned for their entrepreneurial spirit, business opportunities and economic growth. Then, as different industries have varying needs in terms of infrastructure, legislation and funding, we decided to focus on three specific industries which are popular with entrepreneurs; Restaurants, Tech/Digital Ventures and Import/Export.
Firstly, we determined the entrepreneur ecosystem in each city, looking into startup costs, opportunities for female founders and the typical timeframe for setting up a new business. Next, we considered which elements were needed to launch each type of business, including the cost of real estate and hospitality ecosystem to open a new restaurant, venture capital and the main industry for growth in tech/digital ventures and logistics costs and ecosystem for import/export businesses.
The default order for the final index ranks each city for their overall entrepreneurial advantages across all three industries, including the ecosystem score, from highest to lowest. However, each separate industry is designed to be appraised individually, as each column is filterable.
Read the full report here