Bucharest among Top Global Cities For Entrepreneurial Success

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Study reveals the leading global cities to start and grow a business, analysing key factors such as economic freedom, human capital, tech/digital ecosystems, financial initiatives, governmental Covid relief and more.

  • London ranks highest for entrepreneurial success overall in the study, with New York and San Francisco placing second and third.
  • Bucharest, Romania ranks #67.
  • It takes only half a day to incorporate in Auckland, making it the city with the shortest set-up time in the study. Warsaw has the longest at 37 days.
  • Italian cities have provided the most financial support to businesses during the Covid-19 crisis.
  • Hong Kong has the most fertile ecosystem for logistics businesses, while Beijing has the highest human tech capital score.

Oberlo.com – the e-commerce tool that helps entrepreneurs set up their own online business – has released an analysis which shows the leading cities to start and grow a business venture worldwide. Inspired by the numerous individuals who have managed to turn the economic and personal challenges of the pandemic into creative and innovative opportunities, Oberlo decided to delve into the topic further by investigating the cities which offer the most supportive entrepreneurial ecosystems, as well as the frameworks to ensure long-term success. The resulting index shows the cities best placed to provide the tools an entrepreneur might need to maintain and build an enterprise from the ground up – from bootstrapping and financing, to the logistical details that can make or break a business.

After reviewing a list of over 200 global metropolises, Oberlo shortlisted the top 75 global cities based on factors relating to innovation, economic strength and entrepreneurial spirit. This ranking was based on an index that combines different data points and sources from third parties:

  • Investigating the basic infrastructure and regulations required to get a small business started: local taxes, regulatory freedom, and the average timeframe it takes in each city to register a new limited liability company.
  • Checking local support systems available for female founders in each location, as an example of diversity and inclusion, as it’s a relevant and important indicator of equality within the entrepreneurial landscape.
  • Looking at the level of Covid-specific economic assistance available to businesses in each city was analysed.
  • Reviewing financing and bootstrapping, such as unemployment benefits, small business loans, local business taxes and venture capital.

 

Oberlo also looked into the specific needs of two of the most popular industries with entrepreneurs – Tech/Digital ventures and Import/Export:

  • For Tech/Digital ventures: the local tech ecosystem, as well as the resource capital available in each city were evaluated.
  • For Import/Export the local logistics ecosystem, as well as the access to global markets and the cost of postage were assessed.

A detailed description of each of these factors within the study, and the sources used, can be found in the methodology on the results page: https://www.oberlo.com/entrepreneur.

“The pandemic has hit a lot of businesses hard, forcing unemployment and closures with devastating consequences for many people. However, at the same time there has also been a large upsurge in new businesses started by entrepreneurs. A recent study by the Peterson Institute for International Economics found that 4.4 million businesses were founded last year in the US alone, an increase of 24 percent from 2019,” says Audrey Liberge, Marketing Manager at Oberlo. “This has been attributed to the destabilisation of traditional business models, as well as the financial support packages offered to those who found themselves in need. This unique set of circumstances has proved fertile ground for people who had innovative ideas but were missing the time or funding to get them going. It’s no coincidence that the top cities in our study are all locations where new entrepreneurs have been able to risk big despite the pandemic.”

“Entrepreneurship by essence is bold, resourceful, and flexible. Even before the pandemic-induced shift towards remote working, entrepreneurs were the digital nomads of our world – seeking out and taking risks to set up businesses in the places where they saw opportunity”, says Audrey Liberge. “We conducted this study precisely because we wanted to help entrepreneurs identify where to go and experiment next, opening their eyes to places they may not have considered before as well as established entrepreneur-friendly cities. We hope that the results provide inspiration for the new generation of entrepreneurs when setting up their next business venture.”

 

Top 10 Cities for Entrepreneurial Success Worldwide
City

 

  1. London
  2. New York
  3. San Francisco
  4. Sydney
  5. Melbourne
  6. Los Angeles
  7. Singapore
  8. Boston
  9. Berlin
  10. Chicago
Score

 

100.0

92.3

88.5

87.2

86.6

86.6

85.4

84.8

83.6

82.6

Bucharest ranks #67 out of 75.

 

 Economic Freedom
City

 

  1. Singapore
  2. Hong Kong
  3. Auckland
  4. Melbourne
  5. Sydney
  6. Zurich
  7. Lima
  8. Copenhagen
  9. Dublin
  10. Madrid
Score

 

100.0

97.0

96.2

95.8

95.8

93.1

92.1

92.0

92.0

90.7

Bucharest ranks #59 out of 75.

 

Days to Set up an LLC
City

 

  1. Auckland
  2. Singapore
  3. Hong Kong
  4. Toronto
  5. Montreal
  6. Vancouver
  7. Melbourne
  8. Sydney
  9. Copenhagen
  10. Amsterdam
Days

 

0.5

1.5

1.5

1.5

1.5

1.5

2.0

2.0

3.5

3.5

Bucharest ranks #68 out of 75.

 

Tech Ecosystem
City

 

  1. London
  2. New York
  3. San Francisco
  4. Singapore
  5. Tokyo
  6. Los Angeles
  7. Amsterdam
  8. Toronto
  9. Berlin
  10. Tel Aviv
Score

 

100.0

89.7

88.8

81.8

81.5

80.7

80.2

79.6

77.6

77.5

Bucharest ranks #51 out of 75.

 

Human Tech Capital
City

 

  1. Beijing
  2. Melbourne
  3. London
  4. Seoul
  5. Shanghai
  6. Sydney
  7. Boston
  8. New Delhi
  9. New York
  10. Los Angeles
Score

 

100.0

92.2

90.7

88.5

88.0

85.9

83.5

82.5

81.2

79.6

Bucharest ranks #54 out of 75.

 

Logistics Ecosystem
City

 

  1. Hong Kong
  2. Singapore
  3. Antwerp
  4. Amsterdam
  5. Hamburg
  6. Dubai
  7. Brussels
  8. Berlin
  9. Munich
  10. Shanghai
Score

 

100.0

99.9

99.7

99.3

98.5

97.8

97.7

97.5

97.5

97.4

Bucharest ranks #66 out of 75.
Postage Price Deviation from Median
City

 

  1. Seoul
  2. Sofia
  3. Istanbul
  4. Kuala Lumpur
  5. Lima
  6. Mumbai
  7. Bengaluru
  8. New Delhi
  9. Bucharest
  10. Singapore
Percentage

 

-100%

-81%

-78%

-65%

-61%

-61%

-61%

-61%

-60%

-55%

Bucharest ranks #9 out of 75.

 

Business Taxes
City

 

  1. Dubai
  2. Budapest
  3. Sofia
  4. Dublin
  5. Vilnius
  6. Bucharest
  7. Hong Kong
  8. Singapore
  9. Zagreb
  10. London
Score

 

100.0

97.3

97.0

96.0

95.0

94.6

94.4

94.2

93.7

93.2

Bucharest ranks #6 out of 75.

 

Venture Capital
City

 

  1. London
  2. San Francisco
  3. New York
  4. Beijing
  5. Shanghai
  6. Tokyo
  7. Singapore
  8. Paris
  9. Toronto
  10. Los Angeles
Score

 

100.0

90.3

88.7

86.1

80.9

80.4

78.9

78.6

78.3

77.8

Bucharest ranks #49 out of 75.

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