San Diego can be an excellent hub for starting your business when all the factors have been taken into consideration. It's known to have elements that hinder business growth. Some of these factors may include high taxes, uncertainties which have been created due to deadlock of the budget in the state capital. The city also suffers from an economic recovery which has made it lag from the rest of the nation. However, this should not discourage you from starting or moving your business to San Diego. The following are some of the factors that can encourage you to move your business to San Diego
Large and diverse market
San Diego has an estimated population of 1.5 million people who serve as a potential market for different companies and businesses that have been established in the region. These people can buy goods and services that are being produced in the market. The city also has excellent potential to attract more people who could become new customers for business in the city. Factors that cause the city to attract more visitors include the fun nightlife, cultural venues and proximity to universities and talent to the world that could help your business grow regarding a stronger workforce.
San Diego is well developed when it comes to infrastructure and structure in general. It has been well structured with rail network as well as international airports. This transport system will enable easy transport of goods from and into the city. People will also be able to move into the city to facilitate movement to their work areas. If you are looking to transport your goods out of the city, there are shipping services that will enable you to serve your customers who live outside the city. San Diego is reported to have exported $17 billion worth of good in 2015 alone. The city has also been installed with good communication infrastructure. The Internet is available at subsidized prices to facilitate communication and research. You can visit DigitalExits to know about the service providers that work for you.
Strong and skilled labor force
There are many universities located in San Diego which can provide educational opportunities and development of skills. After finishing universities, students are easily absorbed by companies and small business in the city. It has been reported not to have any talent problem but talent development. There have been a lot of organizations that can offer support to startups, mentorships, and assistance to young entrepreneurs. For instance, Inclusive Growth Initiative has taken part in these programs that have ensured that the city gives birth to a highly trained and knowledgeable individual who can be absorbed or start their business in San Diego and the entire state.
Resources for small business in San Diego
The state is home to 17 development centers that can help you start your business. They will help you develop business plans and understand the different tax systems. These centers are usually free and tend to volunteer.
We're here. We're queer. Now that it's pride month, it feels like every store and corporation is flooding us with their best rainbow merchandise, capitalizing on a $917 billion dollar consumer market.
The rainbow flags are out. The mannequins are sporting pride tees. And corporate newsletters are full of interviews showcasing all their queer employees ("Look, we have a gay person here! We GET you!").
To me, this is blatant evidence that the future is queer.
These corporations follow the money, and with 20% of millennials and 31% of Gen Z openly identifying as queer, these businesses have to capitalize on the growing purchasing power of LGBTQIA+ consumers. With a recorded market size of $917 billion dollars in 2016, and a growing interest in socially conscious brands among young consumers, this is clearly a market opportunity that corporations cannot afford to ignore.
However, I'm always surprised by how little attention investors and the entrepreneurial community devotes to this undeniable trend, despite being constantly inundated with overwhelming statistics proving the importance of diversity and inclusion in entrepreneurship. Only 2.2% of venture capital funding went to women in 2018, less than .1% of funding has been allocated to black women since 2009, and only about 1% of venture-backed companies have a black founder or Latinx founder. These statistics are over-quoted but underacted upon.
This gender and diversity inequality significantly hinders economic growth, since 85% of all consumer purchases are controlled by women, and startups with higher ethnic diversity tend to produce financial returns above their industry norm.
The data is clearly leading to one direction: investing in women, people of color, LGBTQIA+ people, veterans, immigrants, and other minority groups in entrepreneurship leads to higher revenue and better business results.
As data-driven and forward-thinking as this industry claims to be, we haven't caught up to the queer founders, particularly queer women, who are rethinking the future. These founders understand and speak to a generation of increasing numbers of LGBTQIA+ people whose market share will only continue to grow exponentially. VCs and investors are already behind the curve.
SoGal Foundation, a non-profit on a mission to close the diversity gap in entrepreneurship, is helping bridge this divide between queer women founders and investors with the launch of applications for the second annual Global Pitch Competition for diverse entrepreneurs. Hosted in 25+ cities across five continents, and culminating in a final global pitch competition and 3-day immersive educational bootcamp in Silicon Valley, this is the first and only globally-focused pitch opportunity for diverse entrepreneurs.
Startups that are pre-Series A (raised less than $3M) with at least one woman or diverse founder, apply here to pitch! The top teams selected from each regional round will join SoGal's final global pitch competition and bootcamp in Silicon Valley for guaranteed face time with dozens of top Silicon Valley investors, curated educational programming, unparalleled 1:1 mentorship, press exposure, and a chance to win investment capital.
Women, people of color, and LGBTQIA+ founders: what's the best way to kick off pride? Apply to pitch!
Regional pitch rounds will be held August-November 2019; final pitch competition in Silicon Valley in February 2020. Details and additional cities to be announced.
SoGal Foundation is a 501(c)(3) non-profit and the largest global platform for diverse founders and funders in 40+ chapters across 5 continents; our mission is to close the diversity gap in entrepreneurship. SoGal Foundation's global startup competition represents the first and largest opportunity for women and diverse entrepreneurs and investors to connect worldwide. Join the SoGal community & follow us on Instagram, Twitter, Facebook.