In a global data study of the best cities for business ideas by Money.co.uk, Taiwanese capital Taipei came out on top. The survey analysed data from Kickstarter campaigns between 2016 and 2021—considering the success and failure rate, number of backers and amount of capital, in cities around the world and ranked each location out of ten.
Taipei led the rankings with the most successful campaigns with a ranking of 9.3 out of 10. Kickstarters in the city had an average success rate of 8.4 out of 10 and raised a US$ 12.4 million from backers giving it a 10 out of 10.
As crowdfunding makes it more accessible than ever for the public to raise investment for businesses, other Asian powerhouses also ranked in the top 10 worldwide. Seoul came in third place with a final score of 8.2 whilst Hong Kong ranked fifth with a score of 7.7. Also sliding into the top 10 was Tokyo which was named the eighth-best city for Kickstarters with a final score of 6.6. The remainder of the top 10 comprised European capitals including Warsaw, Kyiv, Stockholm, Zurich, Amsterdam and Oslo.
Salman Haqqi, a spokesperson from money.co.uk offered guidance on using crowdfunding to generate investment for business ideas. Ensuring that the campaign has a targeted message is of utmost importance as is building a community before launching the crowdfunding campaign. For those with ideas, it is best to look into what fundraisers are already out there and ensure that your product has a clear reason why people would want to back it. Also essential is allowing sufficient time for planning to give your project the optimum chance of success.
Paul Arkwright
Publisher
