Startups have fueled the growth of corporate America for the past few decades and Silicon Valley has been at the epicenter for a large number of these entrepreneurial initiatives. As one of our initiatives, we started to do a large scale information buildup of Technology startups across the world, and collected info base on 140,000 startups, of which more than half were based outside America.
*The data archs from the year 1970 to Sep 2013
San Francisco area, including Silicon Valley, by the virtue of being the technology capital of the world has some of the largest organizations including Google, Yahoo, Facebook, etc. But it’s exciting to see how the rest of the USA fares as tech start-ups are concerned.
We assorted a list to top 10 cities that have seen a rapid rise in the number of technology startups which are coasting a strong base over the past few years. Silicon Valley’s dominance isn’t surprising but perhaps more so is the rapid rise of places which otherwise are not known as startup hubs.
Taken together, the patterns revealed by our study, seems like the economic landscape of the United States is being reshaped. The stunning rise of America’s new startup belts is a promising sign and governments in local regions need to take this initial starts to shape economic policies of the region to sustain this growth.
On the other hand, New York’s rise as a tech hub definitely signals venture-capital-fueled innovation. But the same shift seems to takeover in the lesser known startup hubs like Austin, Seattle, Palo Alto, San Diego, Boston and Atlanta where new entrepreneurial activity is increasingly bubbling up. Overwhelmingly, these are the cities that flourished despite being outside the ‘Bay Area’ thus dismissing the belief of Silicon Valley being an essential ingredient for successful startup stories.
These cities with their entrepreneurial capital and advanced technological startups are giving a tough competition to Silicon Valley and have the full potential to emerge as the drivers of the economy in future.
The author of this blog is Preeti Goswami, Manager – Marketing and Corporate Communications of Innovaccer Inc.