Why Boston Is The Next Hub For Innovation

27 October, 2016 / Articles

Boston is booming.

That was the message delivered by local business leaders on Tuesday at FORBES’ Under 30 Summit in the city’s downtown. On a panel moderated by Paul Noglows, head of ForbesLive!, the group made a compelling case for entrepreneurs to launch new startups in Beantown as opposed to conventional picks like New York City or Silicon Valley.

The panelists, who delivered a consistent pitch on behalf of their home city, represent a diverse set of backgrounds. Scott Bailey is the managing director of startup accelerator MassChallenge; Niraj Shah is cofounder and CEO of online retailer Wayfair, and Linda Pizzuti Henry is managing editor of the Boston Globe.

Here are three main takeaways from their discussion:

Boston is a cheaper alternative to established tech havens like San Francisco and New York. Real estate and labor prices are more affordable, allowing entrepreneurs to bootstrap more effectively while launching their companies. Plus, as Bailey noted, Silicon Valley has a constant supply of founders looking for venture funding, making it a particularly competitive environment for attracting capital.

According to Henry, Boston is now the nucleus of innovations in art, science and technology. She helps run an annual event called Hubweek, sponsored by the Boston Glove, Harvard, MIT and Hubspot, which brings together more than 100 companies from around the area to discuss new technological breakthroughs. Projects like Hubweek, she suggests, are helping draw top national talent to the area.

Boston will soon have affordable housing options for entrepreneurs. At Tuesday’s event, Bailey announced the development of a startup village that will provide companies with low-cost living options while they get off the ground.

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