WHAT MAKES A CITY TECH-HUB?

A tech hub supports a community that supports and promotes innovations and technology-based companies. Silicon Valley has established itself as a tech hub, and what really makes Silicon Valley or other cities tech hubs? Does the city’s entrepreneurship environment or other features like the weather and the people play a role in creating a tech hub? There is no one common factor that makes a city a tech hub. It differs from one city to another. However, support for the startup culture is standard. Also, the support for start-ups comes from technological growth and sustained economic growth. Not any city turns into a tech hub overnight. It takes decades to grow in a tech hub. There are not many tech hubs, and now the critical question is, what makes a city tech hub?

Solid Local Economy
It is possible to support an entrepreneurial environment only when the local economy is strong. A government that supports its citizens with high internet speed that can be checked on Speed Test and promotes start-up culture also plays a huge role in converting a city into a tech hub. Start-ups often work in specialized businesses instead of general businesses. However, general businesses also need to be taken care of. This gives birth to a strong local economy, which frees other people to work in an entrepreneurial environment.

Magnet For Tech Talent
Tech hubs are not only designed to host tech people. Instead, it provides the people with a place to stay and gather. A well-connected system helps to lay the foundation of any tech hub. From web designers designing a platform like BT to angel investors, it creates a meeting point for the talent of different sectors. The networking between these people creates a culture that supports and encourages talent. To earn a reputation as a tech hub, a city must ensure that it houses highly skilled people. Apart from being a magnet for tech talent, it also serves as a magnet for tech companies and prominent universities.

Good Source For Funding
Not all start-ups can be bootstrapped. Most start-ups require different forms and sources of funding. It, therefore, becomes essential for the city to give the rising entrepreneurs accessibility to venture capitalists and angel investors. Government policies also play a crucial role. Does the local or the state government have enough programs designed to meet the expense of creating a new business? Are these policies entrepreneur-friendly?

There Are Multiple Factors
A city cannot become a tech hub solely by relying on one factor. A perfect blend of talent, resources, and funding is required to make a city hub. The culture of the city plays a key role too. Technology brings with it innovation. How open-minded are the people of the city? Are they ready to accept the innovation which is taking place in it? It is easier for the cities that house excellent academic institutions to create a tech hub. It is because it has a pool of talent, and also, these young people are more willing to work towards innovation. Furthermore, it is common to find global talent, in fact, the best talent from across the globe studying in these institutes. If the government creates an environment where they can stay in the city and create a business, making a tech hub out of an ordinary city is not problematic.

Top Tech Hubs
Currently, Austin, Texas, is the top tech hub. The tech workers working here earn a handsome six-figure average salary. Furthermore, it is affordable and has low state taxes, which makes it suitable for establishing a business. It houses companies like Adobe, Amazon, and Apple. Another prominent tech hub is undoubtedly San Jose, California. It serves as the headquarters for companies like eBay and PayPal. Most of the tech people working here are software developers and computer system analysts. Thanks to the presence of both old and new tech companies, the jobs in the city are seeing an average growth rate of 11%. The other names on the lists are Charlotte, Seattle, San Francisco, and Atlanta

Many tech hubs have emerged in the last few years. For the cities aspiring to become tech hubs, it is crucial to focus on crying skillful people, provide quality education to the students and foster a good community. Furthermore, the existing tech companies need to match the changes of the fast-paced global tech industry to create a safer space for budding tech companies.