The climate is ripe for new startups in many industries. This is an amazing time to embrace your entrepreneurial spirit. In today's world, college dropouts been able to transform a business started in a one room apartment in California into a billion-dollar organization. Incredibly this is now the story of some of the world's biggest companies.
Silicon Valley may be the tech startup hub for now. But many will remember a time when Route 128 was the greatest space for startups, too. With the extraordinary costs of rent and living not just in San Francisco but the entire Bay Area, it would not be a surprise if one of the lesser known startup scenes begins to really take off.
California may be the center of today's universe. Yet there are plenty of other cities around the globe that offer not just a creative small business scene but a lot more bang for your buck as well.
Austin, Texas
If you have the entrepreneurial spirit and want to surround yourself with like minds and great food, Austin offers a great alternative to SFO and NYC. Austin's startup scene is growing every year; yet, its cost of living index remains affordable.
Austin also has plenty of access to top talent and plenty of financing options for new startups. The bonus is that Austin is not just a welcoming place for entrepreneurs. The pace of life in Texas makes it a great place to live.
Boulder, Colorado
Boulder has the distinction of not only being friendly for entrepreneurs but being a friendly city for millennials.
Boulder has a highly educated population. Although its cost of living is not as cheap as other areas, residents often note that they get more for their money.
Its proximity to Denver is another benefit for Boulder. Rather than being an enigma, Boulder is part of a wider geographic region, including both Denver and Colorado Springs, which does not just welcome small businesses but embraces them.
Des Moines, Iowa
The Midwest may become the new southwest. Recent initiatives created by Iowa's government are designed to welcome young, educated people. Their goal is to create the perfect place to start a small business. There are several economic initiatives that help connect entrepreneurs with investors. There are also microloan programs available for small businesses. And it's starting to pay off, with Des Moines housing some innovative and thriving startups.
The cost of living in Des Moines is 9.9 percent below the national average and nearly a third of the city's population have bachelor's degrees.
Some might be worried about limiting themselves by setting up shop in Iowa. But remember, Warren Buffet started Berkshire Hathaway in the nearby city of Omaha.
Prague, Czech Republic
For those entrepreneurs who prefer to be digital nomads, Prague is a great place to set up shop for small businesses. Prague is located in the heart of Europe. Nestled only a few hours from Berlin, it offers a low cost of living with a high quality of life. The Czech government is welcoming to visitors and Czech Wi-Fi speeds are virtually second to none, especially for the price.
Prague is also home to several co-working spaces for those who do not speak Czech or who are just looking for a temporary space to work. Prague is best for entrepreneurs who prefer to work alone or collaborate with others. But it also makes a great setting for a remote office as well.
Tel Aviv, Israel
Israel is associated with many things. Fresh hummus, the Abrahamic religions and a deep-rooted political divide. In Israel, there is always more to something than what meets the eye. This is part of the reason that it is not surprising that Tel Aviv has become something of a global startup hub.
Tel Aviv offers an affordable cost of living in exchange for a cosmopolitan city life. Israel offers top tier universities that produce graduates. These students are proficient in science, technology, business, politics and international affairs. The perfect combination of beach town and modern city, it is no wonder that major corporations are also opening offices there.
There is life outside of California and it is vibrant. It is also a lot less expensive in terms of time, energy and rent costs. For the price of a one-bedroom apartment in San Francisco, you could rent a house in the best neighborhood in Austin or a beautiful historic flat with a stunning view of the Prague Castle. When looking for the home of your next business, consider finding a city that does not just welcome you but lifts you up to reach your full potential.