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Aug. 9, 2017, 8:52 a.m.
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Ireland ranks outside the world’s top 20 destinations for start-up companies, according to a detailed new survey of what attracts potential new success stories.
Although scoring well in the areas of “start-up ecosystem”, gender equality and healthcare, Dublin’s scoring ability was badly hit by its performance in income tax, salaries and affordability.
By contrast Singapore was crowned the best place for nascent enterprises while San Francisco - the spiritual homeland of the start-up - came in third and other European cities Helsinki (in second place), Berlin, Stockholm, Zurich and Hamburg all secured top ten spots.
Dublin finished 23rd of 85 destinations analysed by Nestpick, the furnished apartment website which compiled the data.
In a business world increasingly defined by tech start-ups, the appeal of major cities is critical.
Nestpick examined these potential bases via five headings synonymous with start-up professionals - start-up ecosystem, salaries, social security and benefits of the city, cost of living, and quality of life.
Salaries took into account average entry level and experienced pay rates in project management, tech, and marketing. Social security and benefits looked at income tax, healthcare and holiday time. Quality of life analysed gender equality and safety.
With scores for each category marked out of five, Dublin’s 4.41 for “start-up ecosystem” - a measure of innovation and the availability of capital support and funding - placed them above three of the top ten locations, all of which are in Europe (Helsinki, Zurich and Hamburg).
However, it fell badly in the areas of income tax (2.59) and safety (2.94), while salaries rated just a 3.46 and affordability, 3.48.
By comparison, social security and benefit scores (which includes income tax) were superior in each of the top ten cities. Cost of living (affordability) was better in six of the top ten.
Ireland recorded positive scores in the areas of gender equality (4.81) and healthcare (4.7).
In the area of tech alone, Dublin was found to offer entry level average salaries of €33,484 and €58,816 for experienced roles.
San Francisco was found to offer the highest salaries across all industries but, in keeping with its reputation, sunk to the bottom 10 cities for affordability. Of the top 10 highest earning cities, 70 per cent are in the US.
Dubai had the highest overall social security and benefits rating, although the lowest for equality.
The best holiday time was offered in Vienna and Valletta, Malta while employees had the best access to healthcare in six French cities - Nice, Toulouse, Marseille, Lyon, Nantes and Paris.
Munich has the highest overall score for quality of life whereas Sao Paulo, Brazil has the lowest. Singapore ranks top for safety.