California used to be the most important area of the U.S. for up-and-coming tech entrepreneurs, but two cities are starting to develop ecosystems of their own – a development that works to the benefit of Canadian startups.
Silicon Valley: The traditional California heart of tech activity in North America is still the most important hotbed for startups. Companies ranging from Google to Facebook are headquartered within an hour’s drive of San Francisco, and entrepreneurs still flock to the city.
Boston: A new wave of venture capital firms are popping up near some of the best universities in the world. Companies such as YCombinator, which specializes in “mini-funding” (giving small amounts of cash to young, nimble firms) have set up offices in or near Boston. The city benefits from being relatively close to Toronto and Waterloo, Ont., Canada’s tech hubs.
New York: The newest entrant in the U.S. venture capital scene. The city previously suffered from its location, being far from the hive of California innovation. But New York has recently started to capitalize on its access to the heart of the country’s financial industry.