A brand new study by Dojo has revealed which cities in the world are the most ambitious when it comes to starting their own business.
Many of us aspire for success, but does where we live have anything to do with our business ambitions? Card machine provider Dojo has created a worldwide index of the most business ambitious cities, using
5 fundamental factors which contribute to entrepreneurial ambition:
- Number of new businesses registered
- Cost of a business start-up as a % of GNI per capita
- Gross Domestic Product (GDP) per capita
- Percent of the population with access to education
- Google search volumes for starting a new business queries
Hungary’s capital, Budapest, is named the 20th most ambitious city in the world, with a population of over 1.7 million and an ambition index score of 282 out of 500.
Over 24,252 new businesses registered in the city over a year proving Budapest is an ideal choice for savvy entrepreneurs.
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The city also had a 10% increase in Google searches for “how to start a new business” in the city.
London took the crown
as the most ambitious city in the world for those looking to start a business. With over 664,974 new businesses registered in the city and over 4,400 Google searches for “how to start a new business” – it’s no surprise that the UK capital came out top, scoring 481 out of 500 in the index.
With a population of over 9.4 million, the UK capital is a melting pot of cultures, creativity and access to infrastructure – a winning formula for ambitious entrepreneurs.
Sydney came second
with an index score of 402 out of 500. New businesses have been thriving in Sydney, with 235,654 new businesses registered there – proving that ambitions show no sign of slowing in ‘The Emerald City’.
Over the past 12 months, there was also a 52% increase in searches for “how to start a new business” amongst Sydney’s occupants and a 100% increase in those searching for “how to fund a new business”.
South Africa’s port city of Cape Town came third,
scoring 384 out of 500. With a population of 4.7 million, the city is home to many of Africa’s most innovative designers and artists – creativity flourishes amongst the natural beauty of the city.
That, paired with incredibly low costs for those looking to open up a new business could be why 376,727 new businesses opened up in the city in 2018.
Annual competitions in the city such as the FNB Enablis Business Plan initiative also provides over R10 million (£501.3K) to start-ups every year. A lot of support is given to SMEs in the city as they employ around 70%-80% of the working population in Cape Town.
For the full index of business ambitious cities, please visit HERE.
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Source: Press Release
