San Francisco had been making headlines for being the most expensive city in the United States. However, many still try to build their startups here. Let’s look at the status of the city and check why this is still a great place for your startup.
As a startup founder, you might need the following for your company to run smoothly.
San Francisco is a hip city where college graduates want to move to. What does that mean to your startup? It means there is a huge pool of talent to recruit from.
People are excited when you tell them about your startup. This doesn’t happen much anywhere else in the world. The excitement leads to contribution and idea exchange. You could also find like minded people by attending Meetups and events according to your startup interest.
Since WW2, San Francisco had been the most diverse city in the United States. This means you could test your startup idea with the diverse community here. If your startup does well in a diverse environment, there is a higher chance it will go well once it is scaled out of this town.
Funding can make or break your startup. By April of 2018, 157 San Francisco startups reported raising a seed or angel round totaling around $200million. The median deal size for seed company also set a new record in 2018 for $2.2 million. This is a 30% jump from 2017’s median deal size of $1.69. With so much available investment laying around, there is no wonder why startups still bear with the high cost of living in San Francisco.
Young Adult Dwellers
More favorable place for new ideas and businesses. This is a factor of your success as you could test your ideas better with young adult dwellers who are open minded. A young open minded person is more likely to test out your app or the latest gadget. This leads to faster progress and growth.
Hopping startup scene
A lot of people move to SF to engage in startup activities. There is no better feeling than being surrounded by like minded individuals who are building their startups as well
Since the Bay Area is still filled startups, there are still great communities for you not only professionally but also personally. Of course, living in the middle of Idaho could be cheaper in terms of costs, but what kind of connections would you be building?
There are reasons why SF continues to house the most amount of startups. Despite the high cost of living, bad public transits, there are still companies everyday being started in San Francisco. Be a dreamer and doer and start your company in San Francisco today.
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