April 09, 2012
Entrepreneurs: Look Outside Silicon Valley for Innovation, Talent & Money
In the states, Denver, Boston, Los Angeles, Washington DC, Portland and Seattle are all making strides.
Just this week, I was informed of a few start-ups out of Montana which just closed small rounds.
Outside the states, many entreprenuers and VCs alike know about the flood of activity coming out of Israel, the UK and mobile apps from developers in Eastern Europe, Asia and South Africa (Memeburn is a growing social media and start-up blog for the developing world and a hot new Cape Town-based start-up conference is unveiling in the fourth quarter).
Paris-based LeWeb is one of the hottest start-up and technology conferences around and given its growth and diversity, it's not just focused on Europe anymore. In the last six months alone, I've met 6 French entrepreneurs who are moving from Paris to the Bay Area to increase their likelihood of getting funded and hiring the "right" names. Canada, the Netherlands, Belgium, Singapore too are all sprouting up new initiatives and innovations.
I talked to the Singapore folks at SXSW who fed me fabulous chicken wings at their booth. They have a presence in Silicon Valley and are hoping to grow it in the coming months and years, as is Ireland with Enterprise Ireland, who is responsible for the funding, development and international growth of start-up companies in Ireland.
The popularity of the Dublin Web Summit and the F.ounders conference are both strong indicators that the number of entrepreneurs and smart ideas coming out of Dublin and other pockets of the country is on the rise.
Ireland also had a strong presence at SXSW with 30 companies on-site under the Enterprise Ireland umbrella. Part of their pitch to the social media and technology world was not just of their own talent, but to encourage others to bring their businesses to Ireland.
Ireland has a E10 million fund for international start-ups. While it may not be brand new, many may not be aware of it. Why Ireland, besides the natural reasons of it being a gorgeous country with landscape to die for and a country loaded with smart, witty storytellers?
What many may not realize is that Ireland has the most business friendly tax regime of any country in Europe or the Americas, which is pretty attractive when your budgets are small and you're trying to raise early capital.
It is obviously English-speaking as well, which makes it easy for Canadians and Americans to migrate east and Ireland's geographic position and EU membership provides easy access to money flow on the continent. The World Bank's 'Doing Business' report rates Ireland as the easiest EU location to start a business. And, the Irish Government has an assertive pro-business economic policy, offering a 12.5% corporate tax rate and 25% R&D tax credit.
For those soley focused in Silicon Valley, perhaps it's time to think a little more global. With more expansive thinking will come additional resources, capital and creativity not to mention interesting culture, social benefits and economic development outside of what northern California has to offer.
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