When you think of startup companies, the chances are your mind wanders to the shining oasis of the Silicon Valley, or the garages of a suburb where someone is tinkering around on a new device, a new technology, or a new app, but almost always your mind is going to think of America is the home of startups.
However, over recent years, attitudes are changing, and many people are starting to believe that Europe is now taking the top spot and the place where successful startups are booming, but how close to the fact is this? In today’s post, we’re going to explore everything you need to know.
The Current State of Startups
There’s no denying that Europe holds some of the biggest cities in the world to form startup companies, including Berlin, Paris, and London; some of the world’s biggest financial centers. In 2019 alone, global companies such as Elvie, Monzo, GoCardless, and WorldRemit have taken the world by storm, and all were founded in cities within Europe.
Even as we head into 2020, there are countless startups being named as companies to watch, such as Deliveroo, UiPath, N26 Group, Babylon Health, and the sorts. The value of these companies sit in the billions and all call Europe home, so there’s no denying that success cannot be found in this part of the world.
The Startup Epicenter of London
A recent study by Easy Offices recently discovered by London is currently holding the top spot as Europe’s greatest startup location, all despite the recent Brexit vote and following political consequences. The city beat out giant cities including Berlin and Paris and was detailed that, in 2017, £5.3 billion was invested into startup opportunities, and this figure has only increased throughout the following years.
This has surprised many, especially when London still holds the title as being one of the most expensive cities in the world to live, and has some of the highest average costs when it comes to starting a business. However, that doesn’t mean that more affordable options don’t exist.
With the boom of affordable co-working spaces, with coworking spaces in Shoreditch, London clocking in at being around 57% cheaper rent-wise than traditional offices, this grants a huge amount of flexibility to new businesses, especially those on a budget. To find more information on starting your own startup affordably where you live, check out bullpreneur.
This is a trend that is continuing to spread across Europe in all major cities and towns, and even smaller businesses are starting up in towns. With investors also being actively on the lookout for new and profitable opportunities, you can bet your bottom dollar that growth in this area of business is only going to expand over the coming years.
Summary
As you can see, there’s no denying that Europe is booming when it comes to startup businesses, and since governments and market forces are thriving from the success of these companies and business ventures, this is probably going to be a trend that increases and expands throughout the foreseeable future. If this is the case, then yes, some would agree that Europe is, in fact, becoming the epicenter for startup businesses.