Vancouver on the West coast of Canada is the best city in the world in which to launch a start-up start business and if you’re a UK entrepreneur, you’re better off launching your start-up in Manchester than in London. These are among the key findings of a new ranking of the world’s leading cities for start-up businesses which throws up some surprising findings.
PeoplePerHour, the UK-based freelance marketplace business, looked a variety of factors in order to compile the StartUp City Index, including quality of life, cost of living, the ease of starting a business and the cost of office space. Some 25 global locations were ranked according to the criteria.
On that basis, Vancouver topped the index, scoring highly on its high quality of life, good access to office space and the relative ease of getting a company off the ground in Canada. Berlin, which already has a strong reputation as a start-up hub, finished second in the index, with the German city already hosting a large number of entrepreneurs.
Manchester was the top ranked UK city in the PeoplePerHour Index, finishing third while London could only manage 15th place. Manchester ranked particularly highly compared to the capital because of its relatively low cost of living and its benign conditions for start-ups.
With Lisbon in Portugal and Stockholm in Sweden completing the top five, not a single US city made it to the very top of the rankings, through San Diego and Los Angeles did make it into the top 10.
At the other end of the scale, the PeoplePerHour index ranked Rome as the worst of its 25 locations in which to launch a start-up – largely because of the high cost of living in the Italian capital and the difficulties of getting a business off the ground there. Tokyo and Paris, two other cities known for being expensive places to live, also finished in the bottom three.
Xenios Thrasyvoulou, the founder and CEO of PeoplePerHour, said Manchester’s high ranking represented a coup for the UK, particularly given the volatile political and economic environment in the country right now.
“It’s fantastic to see that despite the worries over Brexit and the continuing fallout from the general election campaign, Britain has managed get two cities featured in the top 15 rankings; the fact that Manchester is the third best place in the world for new start-ups, beating the likes of New York, Sydney and London is phenomenal, and bodes really well for the future of the so-called ‘Northern Powerhouse’,” Thrasyvoulou said.
“Britain has always been a leader when it comes to business and innovation and it’s really encouraging to see that despite the difficulties of recent years, that remains unchanged.”