The 21st century has its own set of inverse issues to deal with including, instant connectivity to customers and global competition. In the information age, startups are also dealing with plummeting cost of entry for new ventures and re-imagining new and traditional markets as part of the connected world.
Traditional small businesses have a 75% of surviving the first two years, meanwhile startups , even with VC backing, have a 75% failure rate. Startups are often headed by a strong leader or leadership group who are willing to take risks in order to bring forth a new and imaginative product. Staying in touch and often working long hours is critical for many startups in the early stages, as things can change and take a turn for the worst so quickly. Customer feedback is very important to keep things running smoothly and to help make the product or program the best it can be on a small budget. If the entrepreneur has a mentor, there is a greater chance of overall success. It’s also best to choose an area which has more successful startups.
In this Startup Genome Project 2.0 infographic, you’ll find a world map illustrating the most successful places for startups all over the world as well as a chart explaining which global city is best for the following categories: performance, funding, market reach, talent, startup experience, and fastest growing.