Innovation and Entrepreneurship (Essay)Entrepreneurship and innovation are the subject of this essay, as they are of utmost importance in today's society. These two concepts are closely related and can lead to great success. The exchange of ideas, often diverse, is the foundation of innovation. Entrepreneurship and innovation can create new products and services that satisfy consumer needs and wants. Cities with diverse populations are often hotbeds of innovation. With the help of technology and better communication, small towns are starting to become more influential in the startup world. Startups in these atypical fields are driven by the diversity of culture, knowledge and people. Additionally, entrepreneur-friendly spaces, talent, funding, and favorable laws are all found in today's hotspots. Say no to plagiarism. Get a tailor-made essay on “Why Violent Video Games Should Not Be Banned”? Get an Original Essay Before discussing emerging startup hubs, it is important to analyze the causes of today's traditional entrepreneurial hotspots. Cities like London, Silicon Valley, Boston and Tel Aviv are the center of business. Their proximity to well-established businesses, universities and colleges, as well as their well-developed environment make these cities attractive for businesses. According to Ressi, “local efforts led by a few” are more effective than “top-down” efforts led by the government. This is because successful entrepreneurship comes from novelty and value created from an idea. Therefore, ideas from the people rather than the government can properly meet the needs of a niche. Additionally, without the rest of the elements necessary for a startup ecosystem, the government's efforts may fall short. Policy initiatives only relieve entrepreneurs of red tape and do not necessarily promote creativity. That being said, local government still plays an important role in creating startups by promoting accelerators and incubators, as well as ensuring that laws and policies are entrepreneur-friendly. While the government plays an important role in the entrepreneurial ecosystem, other factors also influence startup hubs. For example, the flow of ideas from student to student, student to professor, and professor to professor contributes significantly to the evolution of ideas. The presence of universities means that the smartest minds come together in one place. Academic institutions are at the forefront of research and are constantly discovering applications for new knowledge. Additionally, the physical environment must be conducive to innovation and creativity. Startup hotspots generally have “coworking spaces, networking events,…, accelerators and incubators” (Ressi). Coworking spaces enable collaboration. Without collaboration, it's difficult for entrepreneurs to get constructive criticism or get opinions from people working in other fields. In cities, proximity to industry experts, businesses, universities and think tanks increases the ease of communication. On the other hand, in a rural town, it can be more difficult to hear, see and feel what others expect from an entrepreneur. Additionally, the need for Internet access is essential for a daily consumer, and even more so for an entrepreneur. A city like London or Los Angeles already hasthe infrastructure necessary for such technology. This may not be the case in a rural town in Czechoslovakia. The availability of technology can determine whether an area becomes an emerging hotspot. Without the flow of ideas from others, the startup ecosystem stagnates and struggles to succeed. Finally, one of the most important elements of a successful startup hotspot is the ability to secure funding. Proximity to venture capitalists and angel investors is fundamental to the growth of a fledgling business. For convenience, many accelerators and investment companies are based in cities and often happen to be smaller offshoots or branches of larger companies. Overall, accessibility to collaboration, communication, knowledge and funding are essential factors for the success of a startup ecosystem. Keeping these factors in mind, one can then deduce that other cities are among the areas of future for entrepreneurs. According to CB Insights, Dublin, Jakarta and Buenos Aires are among the top 10 hub cities for emerging non-US startups. Austin is one of several emerging hubs in the United States (Caminiti). As a college town in Texas, Austin attracts students and young people. Combined with one of the best computer science programs in the country at the University of Texas, Austin's tech industry startup scene is becoming a hotspot. According to VOAnews, Austin's culture and recent headquarters moves for Dell, Facebook and Google make Austin an attractive location for entrepreneurs (Lee). The recent development of tech offices in Austin may explain why the city is becoming a startup hub today when it was growing years ago. Many employees of these technology companies tend to use their professional experience to start their own businesses. The openness of the city and the university allows collaboration between people from all backgrounds and all levels of education. Additionally, the availability of financing “totaled more than $600 million” in 2016 (Caminiti). Add to that the fact that the University of Texas also funds its student entrepreneurs, and the availability of money is widespread. The city's dynamism combined with knowledge fosters creative energy in Austin, making it a vibrant environment for businesses. Outside of the United States, Jakarta, named "8th among the world's 45 most confident cities...for digital transformation," is an emerging technology hub in Southeast Asia with four "unicorn" startups ( Wijaya). Many entrepreneurs tend to flock to Jakarta for technology and digital businesses. As the population grows in Asia and less space is available in Hong Kong, Mumbai or Tokyo, many are flocking to Jakarta to find opportunities. Business ventures are supported by the local startup community. Government initiatives have facilitated the process of starting a business and supporting startups. Many coworking spaces have opened, attracting many people to the city. In addition to private coworking spaces, there are also city-owned spaces. Government regulations have eased, making it easy for innovators to start businesses without the hassle of bureaucratic red tape. If the city is on the way to becoming a business ecosystem, it still lacks talent (Marzuki). That said, this could explain why Jakarta is not traditionally considered a hotspot for entrepreneurship.However, with the city itself open to new collaborations, a thriving economy and business-friendly regulations, Jakarta is poised to become one of the next startup hubs. Traditionally, Dublin has been overshadowed by London when it comes to startups. London has the integrated physical, social and intellectual infrastructure to support entrepreneurs. However, according to Kobie, due to recent events such as Brexit, Dublin is becoming a new hotspot. Amid concerns about the effects of Brexit on the economy, Dublin is a good substitute for London due to its English-speaking culture. Its proximity to England allows potential entrepreneurs from London to do business in Dublin with less hassle. Additionally, private and government support helps startups finance themselves. “Enterprise Ireland…even local councils” support new businesses and tend to contribute to “start-up investment” (Kobie). With the presence of Facebook and Google offices, there is no shortage of brilliant minds and talent. Therefore, the majority of startups in Dublin are based in the technology, healthcare and financial sectors. Combined with the talent pool and supportive environment, the Thanks to local government, Dublin is an up-and-coming hotspot on the rise. In the southern hemisphere, Buenos Aires, the capital of Argentina, attracts many entrepreneurs and businesses. According to Besserman, the physical location, community that encourages entrepreneurial growth, and financial factors favor startup culture in Buenos Aires. As the major capital of South America, it provides easy access to the rest of the continent, thus expanding the potential market. Additionally, the lateral difference from New York makes it easier to communicate across the one-hour time zone. Meetings with potential investors or other businesses are not necessarily hampered by time. Additionally, most coworking spaces in Argentina are based in Buenos Aires. The availability of these spaces allows for more entrepreneurial education and networking workshops that help promote the startup ecosystem. In addition to private sector assistance, the government encourages entrepreneurship by creating its own incubator program. Not only does this provide a potential source of financing, but it sends a signal that Buenos Aires is ready to see businesses thrive. Finally, financial influences in Buenos Aires largely contribute to the emergence of the hotspot. Cost of living and salaries mean that an entrepreneur can spend less on their own living expenses while still saving money on investing in the physical labor of the business. Skill and talent levels in Argentina are comparable to those in the United States, with "the highest English proficiency in Latin America" ​​and the "largest number" of "college-educated citizens" (Besserman). The salary of a software or website developer in Argentina is much lower than that of their American counterpart. This allows a company to reach out to English-speaking countries while remaining low cost, a preferred balance in the start-up phase. Buenos Aires has all the advantages of a startup hub with its availability of talent, money, ease of regulation and access to different markets around the world. Across the ocean from South America, Nairobi, with poor infrastructure and relatively high crime rates, is not a city when you think of startup hotspots. However, the increase in college graduates in STEM fields has propelled this city to prominence. Factors such..