Startups are businesses that are created from an idea that no one else has thought of.
What is a startup?
A startup is a business that is just starting to develop and wants to bring to the market a distinct idea that is not available anywhere else and the founders feel that the users will benefit from it.
Typically, startups are small businesses that need to be financed by founders as they’re in the process of creating their product and usually don't have any sources of income.
What should I look for when choosing the location of my startup?
But if you want to go big or you feel you have an idea with big potential, you may take a moment and create a list of the needs your startup will have and based on this you should check out the advantages of starting your business in a location that is a startup incubator. This can make the difference in building a good startup vs. a great startup.
When it comes to picking the location of your startup, here are some vital points you must take into consideration:
Startup Success background - opening your startup in a place where previous businesses have been successful may give you an upper hand as the market will be receptive to your startup and you can also bounce ideas with your peers that possess experience running them.
Available Resources - the key to carrying out your startup idea is to have the available means to do it. If it's brainpower or goods that fuel your product, go for a spot that can give you the best available resources.
Infrastructure – don’t forget that if you want to monetize your idea, you will have to do it in a place that has the right infrastructure. We’re talking about telecom, roads, or internet infrastructure - whatever will influence your startup idea.
Legal and fiscal incentives - in the last 10 years, many European countries have embraced the startup world by giving tax deductions, legal benefits and any other incentives that aid in attracting startup founders in their area.