Vibrant cultural scenes, restaurants, and retail are obviously big draws, which will become even more attractive on the other side of the pandemic. Where people once retreated to suburbs when starting their families, many cities now have competitive and desirable schools—enhanced by nearby parks, museums, and child-friendly activities.
And there are huge economies of scale in areas like healthcare and public transportation. Some cities are more suited to startups than others. While New York and London both have myriad startups, competition for resources from other industries such as fashion, media, and finance are increased.
Smaller cities like San Francisco where I live part of the year , Austin, and Lisbon hit the sweet spot in terms of their ability to offer the diversity of life for technology companies, while not being overwhelmed by bigger, more established concerns. A critical mass of similarly minded people helps to focus industry direction.
Companies that are city-centric also attract press coverage, which can be the difference between startup success and failure. A new business or product launched in a remote area is also far less likely to gain major media attention that is often crucial to investment capital. Still, not everyone can take advantage of the diverse opportunities offered by a city. The shortage of seed-stage funding can make it difficult for new founders to make the investments necessary to get their company off the ground.
Lastly, the digital skill gap on the continent can inhibit innovators from sourcing the expertise needed to build a winning team. There are many different types of tech hubs on the continent. Other hubs, like pan-African MEST , consist of a network of hubs that facilitate communication and collaboration across the continent. Grantee tech hubs generally offer their services free of charge. They may provide mentoring, business connections, specialized training, networking opportunities, media attention, access to markets and capital, and technical tools and resources.
Networker tech hubs strive to create an ecosystem that gives entrepreneurs access to the network they need to grow their company. These hubs generally give their entrepreneurs access to a physical co-working space that enables connections to develop organically.
Successful networker hubs manage to build an ecosystem of freelance talent, peer entrepreneurs, companies, investors, and other business development services. Most tech hubs interviewed for the report fell into this category. Tech hubs operating on the consultant model try to secure multiple revenue streams by offering their consulting services to public and private organizations.
Consultant tech hubs aim to become profitable as quickly as possible while supporting entrepreneurs at little to no cost. These consulting services can be in the form of. Agent tech hubs are usually acceleration-oriented. They focus on startups that are ready for funding by connecting them with investors.
Its first lines of code were written there too. The Portuguese capital of Lisbon has emerged as a nomad hub in recent years as well, often topping Nomad List during European summers. The Malaysian cities of Kuala Lumpur and George Town also offer a winning combination of superfast internet, high living standards, and strong local cultures.
In Barbados, policymakers, businesses, and residents have united around a forward vision of the island as a paradise destination for remote work and entrepreneurship.
The Barbados Welcome Stamp — a visa program for remote workers — has attracted thousands of new residents so far. The weather, timezone, and affordability have recently convinced New Yorkers and San Franciscans to make the move. As the global innovation landscape becomes more distributed, these nomad hubs will be an increasingly powerful force. Nomads value the same features that help connect cities and their populations to global business: WiFi speed, workspace, meetups, and other startup and maker infrastructure.
They also look at lifestyle and experience metrics. What does it look and feel like to be part of this community? From there, the calculation is simple: If you earn a New York or London salary, your money goes much further in an emerging economy. With many young professionals priced out of property ownership in major cities, remote work creates the incentives for a very different sort of life.
Timezone proximity is more important than geographic proximity, i. For the host communities, nomads' presence brings risks and rewards. Nomad hubs benefit from local spending, connections to the global economy, and a stronger, more diverse startup culture with the potential to produce jobs and companies, both local and global.
But communities can become overly dependent on travelers, as the coronavirus crisis made clear. Tourism is responsible for an estimated 1 in 10 jobs worldwide. When borders closed and travel came to a standstill, businesses serving tourists were devastated. In countries with a weak social safety net, workers were left vulnerable and with few options.
There are questions, too, about how we guard against exploitation and power imbalances between local and nomad populations. As ever, people are moving faster than border policy. The best strategy may be to specialize. Whatever a place is great at is its edge in the remote economy. Pieter Levels, the creator of Nomad List, argues that leisure, interest, and community-based destinations are the future of travel.
He says:. Specialization helps create a scene and reputation, which keeps new people flowing in. For places to become hubs, this is vital. But it's easier to accomplish than you might think.
My hometown in the UK, for example, has embraced its 21st-century role as a city of stories, which positions it well for the remote economy. This recognition connects the city — home to just , people — to an international network of writers, artists, publishers, and cultural collaborators, often from faraway places. Everything from tourism marketing to themed graffiti focuses on Norwich as a city of writing and books.
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