Best 20 cities worldwide for entrepreneurial millennials

A recent study has ranked thousands of cities across the world in terms of their suitability for millennial entrepreneurs.

Aggregator platform Nestpick has rated each city on a few factors in the 2018 Millennial Cities Ranking, including a region’s business ecosystem, openness, recreation and access to basic necessities.

So, if you’ve got a feeling that you’re destined to be the next Evan Spiegel, perhaps it’s time to consider moving to one of these cities.

1. San Francisco, US

   As the home of tech-Mecca Silicon Valley, it’s no surprise that California’s San Francisco tops the list of best cities for young entrepreneurs. This is thanks in part to a high rate of employment and successful start-ups.

   San Francisco in California topped the 2018 Millennial Cities Ranking.

   But be warned, housing and meals come with quite the price tag, and Nestpick also rates the city pretty low on the affordable beer index.

2. New York City, US

   Much like San Francisco, New York boasts a high score in terms of its start-up environment – the highest in the study, in fact.

   New York City is also a promising opportunity for entrepreneurs.

   While its employment rate isn’t as high as San Francisco’s, New York enjoys more tourism, but roughly equivalent housing and food prices.

3. Kuala Lumpur, Malaysia

   The Malaysian capital’s start-up scene is much newer than that of San Francisco, for example, but government incentives for foreign companies have made Kuala Lumpur an economic hub in Sout- East Asia.

   Kuala Lumpur is a new force in the global economy, but is growing rapidly.

   It’s also a comparatively affordable place to live, ranking second for food, though there’s a trade-off in terms of the quality of life available.

4. Miami, US

   Renowned as a party destination, with rich cultural influences imported from Cuba, Miami scores the highest for festivals on this list.

   Miami is more than just a party destination – it’s a new source of start-ups.

   Like Kuala Lumpur, Miami is a relatively recent addition to the start-up scene, but a rapid one, with 2017 placing the city eighth in terms of venture capital activity (US$1.3 billion to area start-ups).

5. Los Angeles, US

   It may not be a hub of technological innovation like its neighbour to the north, but Los Angeles is a similarly promising environment for young entrepreneurs.

   LA is not far from rivalling neighbouring San Francisco for entrepreneurial opportunities.

   It even has its own Silicon Beach, from which unicorns like Snap Inc., Dollar Shave Club and TrueCar have emerged. But some believe that LA’s scene is totally distinct from San Francisco’s, and is set for further growth and profit.

Here are the rest of the top cities most suitable for entrepreneurial millennials:

6. Seattle, US
7. Beijing, China (ranks highest for employment, access to contraception and beer)
8. London, UK (scored highest for universities)
9. Portland, US
10. Austin, US
11. Amsterdam, Netherlands (scored highest for personal freedom and choice)
12. Denver, US
13. Boston, US
14. Shanghai, China
15. Philadephia, US
16. Budapest, Hungary
17. Tel Aviv, Israel
18. Vancouver, Canada
19. Moscow, Russia
20. Sydney, Australia

We look at 4 ways to ensure your start-up thrives.