Silicon Valley is no longer the center of global tech. Many cities around the world attract start-ups and innovation.
Published on April 22, 2022 at 5:14 p.m. Read 1 min.
Older hubs tend to spawn more deep tech companies working in complex areas like artificial intelligence and other sophisticated software aimed primarily at businesses rather than consumers. The other hubs, particularly in Asia, generally address consumers more directly, in order to take advantage of a booming domestic market and apply to this market recipes that have already been proven elsewhere.
There are several factors that explain the rise of these cities:
the existence of a growing domestic market; an increasingly strong local Internet penetration rate, thanks to broadband and mobile telephony; the availability of free or easily accessible programming tools and code to create a business quickly; the desire of American investment funds to diversify into other countries and the presence of local investment funds; the proximity of major universities specializing in tech; the possible support of the State via contracts, for example.
In the coming years, predicts The Economist, Lagos, the commercial capital of Nigeria, could “become the dominant player in the African fintech scene”, while Nassau, in the Bahamas, also seems to be doing well, particularly in this area. regarding cryptocurrencies, thanks to its very favorable regulation.
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