In spite constantly catching global attention as far as quality of life, safety and being a forerunner in the pharmaceutical field for many years is concerned, Switzerland’s role as an entrepreneur hub has mostly been overlooked. Having said that, things have changed dramatically for the better, and even though Switzerland may still lag behind a little than it’s bigger European counterparts, a very rapid ecosystem has been developed to attract new and innovative companies.
If you are a budding entrepreneur, it would be a good idea to simply check out cabins in Switzerland and rent one for few months to understand the culture and challenges.
To begin with, the Swiss Government has stated paying close attention to what problems and challenges the entrepreneurs are facing. It has been accurately reported that the administration is now taking quick steps towards digital transformation and inviting more and more young entrepreneurs. This has given a positive sign to new startups that the Government now is ready to prepare a proper framework for them in which to work in.
The new entrepreneurial spirit is evident from the fact that thousands of new establishments have come up in the last few years as compared to a decade earlier. This shows the environment for setting up business has now been made. These new enterprises in turn have created thousands of new jobs in the field of education, health, social welfare and hospitality business. It was found that the maximum number of companies came up in Zurich, Vaud and Ticino.
Having an extremely liberal economy, setting up of new ventures has become very simple as compared to other nations. In fact, if all your homework has been done in advance like paperwork etc, then you can actually start to run your business within a short period of just couple of weeks. Cities such as Zurich, which also happens to be the largest cities in Switzerland, is a hotspot for innovators seeking to push ahead their new business ideas.
Switzerland also happens to be one of the most livable country in the world. It is therefore no wonder that Google has one of its biggest base here and the IBM center here has produced two Nobel prize winners. Even Disney has established it’s only European city in Zurich as have a host of Blockchain and Bitcoin startups.
Again, Switzerland has regularly been adjudged as the most innovative and competitive country in the world. The apprenticeship system which has been put in place has enabled youngsters to grasp practical experience at an early stage. As far as data privacy laws are concerned, the country has enforced stringent rules to protect the same. This quality itself has made Switzerland a hub for organisations who wish to store the private data of their customers.
There is no dearth of availability of capital in Switzerland. The country is home to an excess of 500 companies, many of which make the Fortune list, and who are keen on investing money on new startups. The Government too is willing to provide funds for these new hubs, as the Swiss are known to possess the highest disposable income on the planet.
Another very important plus point for new entrepreneurs is the high quality of life in the country. The country, not surprisingly, heads the index in happiness, health, safety and prosperity for the last many years. Political stability and law enforcement has been a hallmark of this constitutional democracy which has always had a high voter turnout. The efficiency and simplicity of the bureaucracy has to be seen to be believed. Nearly all the public convenience services are digitilaised.
The language in Switzerland is multilingual, with German, French, Italian and English being often adapted as a base for administrative communication. This makes it easy for different nationalities to do business here. Most of the population of the country is made up of residents of more than 160 countries, this offering unique cultural diversity.The transport system is world class, with the rail network occupying the pride of place with rapid connections to major European capitals.
Switzerland has many advantages for entrepreneurs, but all is not rosy as it may seem. Startup founders need to consider the cost of living with high wages that prevail in the country. Then as Switzerland is not a member of the European Union, a different set of immigration rules apply to each individual. Obtaining a permit is much easier for EU country residents, than those from non EU countries. Since there are different languages being used, a new entrepreneur may have to learn them or invest in a good translator.
To invite more and more persons to set up business in Switzerland, the country is endeavouring to have major events and conferences in major cities. An Investor Summit organised by the top Swiss startups is held at Zurich airport to reach out to more than hundred national and international investors including top CEOs on the opening day of the World Economic Forum. This event attracts many exciting names from all over the world.
In conclusion, it is safe to say that Switzerland is extremely supportive of the ecosystem which had been put in place for startups. This ambition is reflected in the minds of businessmen and policy makers together. In a nutshell, Switzerland is an excellent country to get inspired by innovative ideas and networking with like minded people. There are endless avenues to acquire capital to enable your venture to get smoothly off the blocks. If there is one place which will help you earn money and succeed, it is Switzerland.
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