Tech hub is a community or physical space developed to help technology companies succeed and flourish. Assembling a high concentration of bright minds and investment-worthy ideas in one location, Tech Hub is the home of technology entrepreneurs and start-up teams.
Today, numerous technological hubs exist around the world. Silicon Valley is perhaps the most obvious example. Besides, there are plenty of others including major cities such as London, Berlin, Shenzhen, Cambridge, and Vilnius.
Tech hubs make it easier for firms to meet investors in order to get their project funded, creating an environment specifically targeted at providing guidance to young technology companies and helping firms link with other like-minded individuals and business.
Tech hubs provide start-ups with open concept office space, along with all of the essential office facilities, including phone connection, internet services, VPNs, printer, fax, and photocopier. Perhaps, if your VPN automatically disconnects or is not working efficiently at your place, you won’t experience such problems while based in a tech hub. Besides, it also offers other necessities such as secretarial services and conference rooms, to get the businesses up and running.
It gives access to a network of industry leaders and business experts who offer one-on-one coaching and mentorship. Thus, it facilitates start-up founders dealing with the rigors of business initiation and ownership for the first time.
Tech hubs have the power to connect you with investors who are looking for great opportunities. Even many of them also have their own capital to invest in start-up ventures. They are like home to angel investors, venture capitalists, and others who are able to mentor entrepreneurs.
It offers tangible resources such as accounting assistance, office space, and legal guidance. Having this business infrastructure in place allows start-up founders to focus their time and energy on running their businesses productively.
Tech hub allows entrepreneurs to share their ideas and creates everlasting bonds and strong linkages. Being part of a tech hub creates an opportunity to meet other entrepreneurs and to learn from their mistakes and triumphs.
Tech hub helps you gain traction and step into the spotlight. It incubates tech start-ups keeps mentioning them as needed. This, in return, enables the start-ups to be noticed by different investors and media personnel. Moreover, many tech hubs offer expert PR and marketing advice to entrepreneurs.
For over half a century, Silicon Valley located in the US has been considered the best- known tech hub in the world. It hosts various tech titans like Facebook, Microsoft, Alphabet (Google’s parent company), Netflix, Tesla, Apple, and Intel.
Apart from Silicon Valley, Cape Town is South Africa’s home to tech innovation, even earning the nickname Silicon Cape. London has also emerged as a successful tech hub with well-established global tech players. Moreover, Singapore – though relatively small – is also quickly becoming one of the world’s major players in terms of technology start-ups.