While Andhra Pradesh is widely considered a technology hub, Vizag has emerged as one of the major business hubs in the state. As per research by DataLabs, from 2014 to 2019’s first quarter, five start-ups in the city received total funding of more than $11 million. So, it’s evident that Vizag has already become a go-to destination for start-ups.
There are several reasons why start-up owners like you choose Vizag to set up their businesses. Here’re the most vital ones among them.
Powerful Investor Community
When you want to set up your own business, you need financing, and Vizag has no shortage of investors. From venture capitalists and angel investors to individual investors, you can get financing provided you have a profitable business idea.
Some leading investors in Vizag also act as accelerators, providing mentorship to start-ups and new businesses. For example, members of the iTAAP (IT Association of Andhra Pradesh) provide mentorship and investment to tech start-ups. So, if you plan to set up your business in the tech domain, you can get a lot of help from such industry associations.
Government Initiatives
The AP government has taken several initiatives that can help new businesses thrive in Vizag. In December 2016, it started Fintech Valley Vizag to develop infrastructure for start-ups operating in the financial sector with the objective of attracting start-ups to shift their bases in the city and investors to finance new businesses.
Additionally, it established the APIS (Andhra Pradesh Innovation Society) to build a top-notch technology start-up ecosystem by nurturing a culture of innovation and entrepreneurship. The state’s implementation of the Innovation and Start-up Policy is overseen by the APIS.
These kinds of initiatives can greatly help your business build a solid initial ground, based on which you can take your entrepreneurial venture forward.
Presence of Coworking Spaces
The presence of many coworking spaces in Vizag is one of the most important factors that compel both start-ups and established businesses to operate in the city. Whether you have a team of two to three people or one with more than a hundred members, you’ll get the right choice of coworking spaces in Vizag.
In fact, choosing one of these shared office spaces can bring you a plethora of benefits. First, the membership fees at these facilities are way too less than rentals of traditional office spaces, meaning you get to save a significant amount of money each month. Second, they offer fully-equipped workspaces, so you don’t have to think about setting up the infrastructure.
Third, these centres offer a number of top-class amenities, from high-speed Internet, printing & scanning, and a cafeteria to meeting rooms, conference rooms, and many more. And almost all of these remain included in the membership fee, which means you get all the facilities of high-end office space at a fraction of its cost.
Finally, most of the coworking spaces in Vizag are situated in prominent, well-connected locations. Therefore, not only do they help you attract new clients but also make commuting to and from the office a hassle-free affair.
As you can see, by choosing Vizag as your business’s primary location, it becomes easier to grow and sustain in the long run.