Cities are humanity’s greatest invention. In recent times, some metros have started pushing the limits of commerce, design, and urban planning, while reconsidering the way people live and work, thereby creating the best possible environment for innovation and entrepreneurship in urban contexts. Other cities however have remained stagnant, making little or no strides towards improving the quality of life for this generation and future ones.
Startups are key drivers of any economy and naturally, every city should embrace them, however it is not always the case, and so, smart founders will have to ask certain questions before launching in any locale. They need to know how open the city is to new ideas, how the community optimizes its infrastructure for high-growth businesses and if the city builds innovation into its own activities.
If you are asking these questions and looking for answers, Jovago.com, Africa’s No.1 online hotel booking portal offers 3 key qualities of startup friendly cities that you should look out for before settling in any city.
Startup friendly cities are accommodating
Startup friend cities are good hosts for youths as they integrate the needs of young businesses into their development plans. Their government creates room and provides support for incubators and accelerators which can fuel small businesses and startups in the city. They do this by transforming old, neglected areas of the metropolis into innovation districts with different themes – the first being technology; offering affordable offices and coworking spaces for talents and companies to work together, as physical proximity to potential collaborators and investors matter; and also, they make relevant public data accessible for startups.
Startup friendly cities are advocates for invention
Any startup friendly city will have a clear brand that points them out as a hub that supports the deployment of new ideas. They have schemes to sponsor international events in a bid to attract investors and influences thereby helping local businesses achieve greater visibility. Advanced cities could even have an online platform that facilitates connections and meetings between investors and entrepreneurs. They also have programs that offer extensive soft landing support for businesses seeking to start out and expand in their city and may award city contracts to startups as a form of encouragement.
Startup friendly cities have long-term strategies
In order to guarantee consistency, most startup friendly communities develop a clear and public vision on how to foster innovation and entrepreneurship as well as a succession plan on how to carry it through. Having people in charge of the vision, however is not enough, they also create a public set of Key Performance Indicators (KPIs), to measure the success of the city’s vision.