Lonely Planet Writer

Revealed: the best cities for millennials to start businesses

Today, more and more young people are exposed to the idea of travelling for work, with a recent study showing that half of all millennials would consider moving abroad for opportunities. With that in mind, GoCompare has released new research charting the best cities around the world for millennials to start their own businesses.

The study looked at a number of different factors that make life easier for young business owners in cities around the world. Image by Westend61

The research measured cities according to metrics essential for young entrepreneurs, including the availability of funding at the early stages of a business, ease of registering property, trading across borders, diversity, and the cost of living.

Topping the list was Tallinn, Estonia, a destination that is known for being digitally savvy, with many children learning computer programming in school from an early age. In 2016, the Estonian government launched the Estonian Startup Visa programme, an initiative that allows non-EU nationals to move to the country and work for Estonian start-ups, as well as relocate and found a company there. The country also had the best cost of living of any of the European destinations studied.

Tallinn, Estonia was named the best city in the world for young people to start a business. Image by kavalenkau/Shutterstock

Canada was named the best country overall for young entrepreneurs, with four of its major cities, Vancouver, Ottawa, Montreal and Toronto featuring in the top ten. Research revealed that Toronto offers the best business funding in the country, while the city also includes an impressive 10,000 Wi-Fi hotspots. In third position was Auckland and Wellington in New Zealand, a country that was named number one in the world for ease of doing business. The top ten also included Singapore, London, Boston Massachusetts, and perhaps somewhat unsurprisingly, California’s Silicon Valley. Despite not featuring in the top ten, Moscow leads the way for public Wi-Fi hotspots, offering a total of 41,250 locations, while Helsinki offers the fastest internet connectivity.

View of the harbour front marina with toronto skyline in the background at sunset
Canada had four cities in the top ten list, with Toronto coming in at number two. Image by Roxana Gonzalez/Shutterstock

“With a growing number of younger entrepreneurs looking to take the risk of starting their own businesses, they are now more open to the idea of moving abroad, where the conditions are more supportive for young start-ups,” Martyn John, PR and Social Media Manager at GoCompare told Lonely Planet Travel News.

The full list of 45 best cities in the world for millennials to start a business is available at the official GoCompare website.