Nigerian ranks 7th in the 10 best emerging cities to launch your startup
Nigeria is often referred to as the “Giant of Africa”, due to its large population and economy. With approximately 174 million inhabitants, Nigeria is the most populous country in Africa and the seventh most populous country in the world. The country is inhabited by over 500 ethnic groups, of which the three largest are the Hausa, Igbo and Yoruba. How ever whenever it comes to Startup or where to start your business, Kenya and Senegal ranks higher than Nigeria as the best African country to launch your next Startup.
It’s no longer necessary to launch your startup in Silicon Valley — thanks to the internet, you can do it anywhere.
Cities that were once business backwaters have emerged as formidable contenders in the new economy, in many cases leveraging the very things that once disadvantaged them.
A lack of infrastructure in places like Nairobi or Lagos, for instance — once places where it took years to get a fixed line — have skipped that generation of technology entirely and now offer tantalizing potential for a range of mobile services.
Vietnam’s business capital, Ho Chi Minh City continues its ascent. “The city has spawned Flappy Bird and with 70% of the population under the age of 30, the energy and buzz in this country will continue to build on its growing startup scene,” said Nest Investment CEO Simon Squibb.
Nairobi’s iHub (pictured) is a co-working space that’s become the epicenter of Kenya’s burgeoning tech scene. “Kenya has the fastest mobile adoption rates in Africa,” said Squibb. “The revolutionary success of big players like M-Pesa, which has resulted in the prevalence of mobile payments, has equipped cities like Nairobi with the mindset and technology to succeed in the startup space.”
3) Bangalore, India
India’s undisputed tech city remains Bangalore. “With a highly educated and skilled talent pool, Bangalore has long been a tech capital. Several initiatives, including the UK Indian Business Council, are building on this ingrained tech hub to scale it up as a startup haven.”
4) Santiago, Chile
“Start Up Chile is doing a great job at promoting entrepreneurship and at Nest we’ve seen an increasing number of interesting startups applying from Chile,” Squibb said.
5) Dakar, Senegal
A client uses a tablet computer in the world’s first cybercafe equipped with tablet computers, in the Medina, a popular district of Dakar. “Dakar is a good jumping off point into Francophone sub-Saharan Africa and due to the large number of international companies headquartered there for central and west Africa, many have global connections that can take their startups to the next level,” Squibb said.
6) Manila, Philippines
“There is no shortage of tech talent here, which now often goes hand-in-hand with a thriving startup ecosystem. The sheer volume of tech freelancers in this city is an indication of a startup hub with a talent pool waiting to be unleashed,” Squibb said.
“Already known as a business capital in the region, there have been some promising startups coming out of Lagos. iRokoTV is dubbed the ‘Netflix of Africa,’ and BudgIT has great implications for government transparency. Young, creative and tech-savvy: The Co-Creation Hub is the go-to place for the forward-thinking Nigerian.”
8) Lima, Peru
“Lima is a great opportunity given its access to a market of 10 million people in the Andean community. Government and private support has been on the rise with Wayra and Startup Peru generating great interest and activity in the ecosystem,” Squibb said.
“Hong Kong has a strong rule of law and a unique global connectivity, in terms of both its potential markets and the local talent pool. With close links to manufacturing in China and a strong finance industry, Hong Kong’s hardware, wearable-tech, big data and fintech startups are particularly well suited to this eco-system.”
“Venture capital investments have tripled since Q1 2014 in Tel Aviv, and we’ve seen an increased amount of high quality startups from this market wanting to scale aggressively into China for example,” Squibb said.