Where is the next Silicon Valley? It’s becoming cheaper and easier to set up a startup, all over the world — and some of the larger emerging markets are vying for the chance to be the next centre of innovation. Will the next Silicon Valley be in Mexico, Indonesia or Nigeria? Will we see projects like Kenya’s Konza Technology City become the place to be for aspiring entrepreneurs?
A glance at the global entrepreneurship index shows that while the United States is still one of the easiest places to do business, the rest of the world is catching up. According to this infographic, the access to capital and positive perceptions of entrepreneurship are driving development in a number of key countries in Latin America, Asia, Europe and Africa. The number of days needed to start a business is rapidly declining in a number of countries which have large populations and massive potential for growth.
Of course, it’s not always easy to break into these markets — some of the top countries on the list are still limited by their infrastructure, the perception that their governments are corrupt and their judicial systems are slow, or tight regulations which could make it more difficult to operate in the region. But in general, the trends show that it’s becoming easier to take an idea and become the founder of an innovative startup, even if you’re not in Silicon Valley. In the words of emerging markets angel investor Fabrice Grinda “It’s no longer ‘you need to be ten minutes from the Valley’ to build a startup now — almost anyone anywhere can build a startup.”
Infographic courtesy of Gist.com.