We’ve seen so many startups blossom into successful companies over the past decade, and a great number of entrepreneurs want to follow in their footsteps. Whether you’re looking to start, invest in, or work for the next big tech business, it seems most likely that Boston is the place for you to do it. This burgeoning city is a phenomenal place for startups. Some may say that it’s even better than bigger cities like San Francisco and New York.
Here are just a few reasons that Boston is the place for startup businesses this year.
Boston itself is expanding, and so are the businesses within it. Over the last decade, over 300,000 additional people took up residence in the Greater Boston area. Similarly, economic growth in the city exceeded an average of 5% annually over the decade, which is higher than the national growth rate.
In layman’s terms, the city of Boston is growing rapidly. In fact, it has become the third largest and fastest tech city in the nation behind San Francisco and New York City.
For 2020, experts anticipate that this rate of growth will continue, especially for software companies.
In October of 2019 alone, venture capitalists invested $624 million into 58 startup companies in the Boston area. This is significant.
More venture capitalists are seeing Boston as a viable place to spend their investment dollars. As they reap the rewards, they will continue this trend. Therefore, more startups are flocking to Boston to capitalize on the opportunities there.
Talent PoolThe tech industry in Boston is currently experiencing a talent shortage, creating a candidate-driven market. This means that there are not enough talented professionals to fill all existing job vacancies.
While the schools in the area do supply a fair number of intelligent, capable, talented candidates each year, these people find jobs quickly. Upon graduation, they’ve already joined most tech professionals who are gainfully employed in the greater Boston area.
This means that in order to acquire top talent, startups and other tech businesses will need access to professionals who are not actively on the job market. They will not be able to do so with ads on a few job boards alone.
Michael Page has an abundance of connections in the Boston tech market, and our networks provide access to these hard-to-get candidates. Talented professionals in product management and software engineering are especially hard to come by right now, but we have the means to streamline a search for these candidates, as well as others in the tech space.
If you’d like to learn more about our services, please reach out to a Michael Page expert consultant today. You can also browse more of our expertise in our advice section.