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Beyond Tax Breaks: Unique Incentives to Attract High-Growth Startups

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Startup Incentives fdi lead generation

When it comes to attracting innovative, high-growth startups, many economic development organizations focus primarily on offering tax and startup incentives. While tax breaks can certainly help, today’s startups are often seeking more than just financial assistance. To truly stand out, regions need to get creative with incentives that directly address startups’ needs for mentorship, resources, talent, and effective ecosystems.

One powerful incentive is facilitated access to accelerator programs for startups and mentorship networks. For example, MassChallenge in Boston connects startups with industry experts, serial entrepreneurs, and investors through an intensive 4-month accelerator. Graduating startups raise 3x more funding and generate 2x more revenue than their peers. Berlin’s StartupBootcamp FinTech & CyberSecurity accelerators provide startups with access to mentors, investors, partners and potential customers.

In-kind incentives like free or subsidized services can also be incredibly valuable. The Ontario Vehicle Innovation Network offers startups products like vehicle data subscriptions, cloud services, software licenses and even vehicles for testing purposes worth over $100,000 per year. Toronto’s Catalyst Cyber Accelerator provides free office space and services.

Tailored research grants and funding opportunities are another avenue for attracting R&D-focused startups. Israel’s Innovation Authority offers substantial R&D grants to qualifying tech companies, covering up to 60% of their R&D expenditures. The Utah Science Technology and Research (USTAR) initiative provides competitive research grants to startups commercializing innovative technologies.

Streamlined immigration processes that help startups access global talent can be a significant draw. Canada’s Startup Visa program offers permanent residency to immigrant entrepreneurs starting businesses and creating jobs. The UK’s new Scale-up Visa streamlines immigration procedures for founders and employees of fast-growing firms. 

Finally, world-class facilities and resources can make a region far more enticing to startups. Boston’s M2D2 offers startups access to a state-of-the-art medical device prototyping facility to accelerate product development cycles. San Jose’s Roku Founders’ Den provides mentoring as well as free office space, software, tools and services.

In today’s competitive landscape, simply offering tax credits may not be enough to attract the best startups. By getting creative with accelerators, mentorship, research funding, immigration programs and value-added resources, economic developers can position their region as a true hotbed for innovation and startup growth.

MassChallenge (Boston): https://masschallenge.org/programs-startups

StartupBootcamp FinTech & CyberSecurity (Berlin): https://www.startupbootcamp.org/accelerators/

Ontario Vehicle Innovation Network: https://ovin.ca/

Catalyst Cyber Accelerator (Toronto): https://www.cybertoronto.ca/accelerator/

Israel Innovation Authority Grants: https://innovationisrael.org.il/en/program/traditional-rd-fund

Utah USTAR Initiative: https://ustar.org/

Canada Startup Visa: https://www.canada.ca/en/immigration-refugees-citizenship/services/immigrate-canada/start-visa.html

UK Scale-up Visa: https://www.gov.uk/scale-up-worker-visa

Boston M2D2 Medical Device Facility: https://www.massachusettsmedicaldevices.com/about

San Jose Roku Founders’ Den: https://www.rokufoundersden.com/

For inquiries and further assistance, please reach out to Nueconomy.

(fdi lead generation, Investment Incentives, Investment promotion services, investment intelligence, economic development)

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