If you’re ever wondering why so many people love Boston, spend a day here. And if you’re looking for a place to launch your tech startup, come to Boston. Sure, there are other startup hubs in the U.S. – Salt Lake City, New York, San Francisco – but Boston has a lot to offer, not just as a place to live, but as a place to build a company. Here are a few reasons why Boston is the perfect place to launch your tech startup:
According to a report released last month by the U.S. Chamber of Commerce Foundation and incubator 1776, Boston ranked No. 1 among the top 25 startup hubs in the U.S. This means Boston has the most potential to lead the digital economy. Though the San Francisco Bay Area takes the cake in total startup activity, Boston has a clear emphasis on future tech companies. So what specifically makes Boston the ideal city to launch your tech startup?
- Millennials: Boston is best known for its sports, beer, and seafood, but what sets Boston apart from several major cities is its abundance of top ranking colleges and universities. As home to Harvard, MIT, Boston University, and Tufts, the Greater Boston area is thriving with young professionals. So why does that matter? With the baby boomers starting to retire, the market for jobs, especially in the tech industry, is starting to grow. Startups all around the country are looking for recent college graduates to join their team and help build their businesses. In Boston, you have a network of young talent right in your backyard.
- Quality of Life: Bostonians certainly know how to work hard, but we also know how to have fun. Boston is a driver in the digital economy, which is undoubtedly important to the growth and sustainability of startups, but the city also offers a high quality of life to its residents. Not surprisingly, the general experience of living in a city is an assent for entrepreneurs. In the same U.S. Chamber of Commerce Foundation survey, Boston ranked fifth among the its 20 competitors, with the Bay Area, Baltimore, and New York coming in as the bottom three.
- Successful Exits: Cities with the greatest startup funding have the highest amount of successful exits, and these successful exits are crucial for cities to fund their next generation of startups. While the Bay Area is still the leader in both the number of startups, but also the number of successful exits, New York, LA, and Boston are not far behind.
- Tech Giants: It’s important to launch your company in a city with a large percentage of tech giants. Why? Because if Large tech companies’ presence in a particular city, ultimately speaks to that city’s position and success in the tech industry. Bose Corporation, Kayak, and Trip Advisor are all headquartered in the Greater Boston area, just to name a few.
- Media Coverage: Boston is a media hub. If you create a good story, there’s the Boston Globe, Boston Business Journal, BostInno, Harvard Business Review, MIT Tech Review, and Xconomy who could cover you and your company. Media coverage, among other things, is crucial to the success and growth of a startup.
Major takeaway: Try not to limit your company to a preconceived notion of successful startup hubs. Instead, optimize your company’s success and growth by broadening your knowledge of U.S. cities with a thriving tech sector.