Africa holds a fortune of resources, minerals, and wealth. Accessing this well of potential, however, has historically been a struggle for its inhabitants. That's all changing though. Countries across Africa are working towards developing cities that can compete internationally in business, tourism, and resources.
Cape Town, as a city, is growing this area. The entrepreneurial market in South Africa has been somewhat volatile, and people are asking where successful entrepreneurship can flourish. It appears Cape Town is the ideal city for a start-up business. Here's why.
Cape Town has 63% internet penetration and the biggest open access fibre network in Africa. This makes it the ideal spot for digital start-ups like YuppieChef.
There are also loads of co-working spaces like Rise Cape Town, Khayelitsha Bandwidth Barn, and Workshop 17 which make entrepreneurial activities flexible and more collaborative.
Cape Town and its governing bodies are focused on bringing about economic transformation in every sector. Local internship programmes encourage young people toward entrepreneurial ventures that can create jobs.
Cape Town is a richly diverse city. This blend of cultures has developed a unique flavour that saturates the city and its creativity. Cape Town also places much focus on arts and culture development – art schools, state-funded museums, and other hubs for art are thriving.
Internationally recognised, the film and media industries are flourishing in Cape Town. The production and recording of movies like Black Sails and Tomb Raider have exposed the inhabitants to foreign audiences. This has bolstered tourism in the area, creating opportunities for new businesses.
Ranked as one of the top 10 must-visit destinations in the world, the unrivalled beauty surrounding Cape Town and its natural diversity make it desirable to investors and global citizens looking for a place to work, live, and enjoy life.
It's estimated that about 10 to 15 local entrepreneurial start-ups are supported and funded by international accelerators like Grindstone, Startupbootcamp, Seedstars, VeloCiTi, and Injini each year. CiTi (the Cape Innovation & Technology Initiative) has contributed to the growth and inception of more than 2,000 businesses and supported even more entrepreneurs, making it one of the longest standing tech accelerators in Africa.
With the second largest municipal economy in the country, Cape Town contributes to the South African economy in every sector. Cape Town has a very low unemployment rate of only 9.9%! The central business district in Cape Town has everything necessary for cultivating economic growth. The city has been contributing more and more to the national economy in recent years, with a rising number of start-ups in the digital technology sector. Even B2B and B2C e-commerce is flourishing.
Other attractive features like inclusivity, a global and dynamic community, an attractive lifestyle, tax benefits, and access to the rest of the continent are reasons why Cape Town is the perfect city for your start-up.
Will you become part of a growing community of innovation, growth, and creative start-ups in Cape Town? No matter what kind of business you're thinking of starting, business insurance could help to protect against risks. Compare quotes from leading business insurance companies today at hippo.co.za and get the cover you need to help your new venture succeed.
Prices quoted are correct at the time of publishing this article. The information in this article is provided for informational purposes only and should not be construed as financial, legal, or medical advice.