Where can managers find growth opportunities and cut costs? A focus on developed economies together with emerging-market megacities has made sense in the past. They generate over 70% of global GDP, but only 1/3 of growth. Furthermore, 1/3 of the currently dominating developed-market cities will no longer make the top 600 list, while 577 fast-growing middleweight cities will generate more than half of global growth over the next decade and the center of gravity will move East and South.
According to McKinsey research, population in the City 600 will grow an estimated 1.6 times and the number of households 2.3 times faster than the global population. Only the top 100 cities will contribute over 35% of GDP growth to 2025. Do you know which ones they are and what they have to offer? Choosing the right markets, which requires combining in-depth market intelligence with company-specific information, getting in touch with them cheaply and installing your company fast is the solution Cityglobe provides.
Everybody knows that Dubai has been successful in attracting global business and attention. However, very few people know that Riyadh or Muscat both top New York in terms of GDP per capita. What about other cities? How should policymakers attract financial capital (read jobs and efficient infrastructure), labor and intellectual capital (read technology, entrepreneurship and art) and manage the increasing complexity more effectively?
The world’s economy is not a simple zero-sum game. Cities grow by outcompeting one another in the race for external resources, but they thrive by exchanging processes, people, ideas and capital with one another.
The current global economic setup is far from utilizing its full potential. Up to 80% of companies considering business expansion postpones it, because the process seems too complex and expensive, while most cities struggle to attract businesses, simply because they don’t have the necessary connections, do not appear on shortlists and are neglected for reasons having nothing to do with their real economic potential.
Cityglobe is the world’s first tech-enabled global data-driven platform addressing these challenges. It connects expanding companies with advancing cities. It helps companies find their best next business destination easily and effectively, while helping cities attract businesses of a targeted profile. Cityglobe provides them and the local service providers with information and useful contacts in real time, something unachievable until now, at a fraction of a price, simultaneously diminishing multimillion dollar risks.
The most influential cities jump on the bandwagon and the word about Cityglobe is spreading virally. They know from costly and tedious experiences that promotion will never reach “viralocity” (viral expansion with velocity) and brand affinity with an emotional connection without proper contact.
Because the key to win big is the new paradigm of INDIVIDUAL experience based on personalization and engagement, emotions and entertainment; active participation via social platforms, user generated content and consumers’ collaboration with immediate feedback loop; peer to peer contact eliciting trust, generating interactions, tracking word of mouth, and creating users equipped with tools to share and promote; as well as predictive modeling based on instant communication and big data analytics.
Cityglobe is capable of providing this key individual client experience for over 550 cities representing most of the global economy. Each city is described by a wide array of economic data helping to attract global businesses by building a city profile, benchmarking their position, comparing cities, listing opportunities, finding potential investors and managing their brands. Cityglobe constantly collects, analyzes, and processes data about cities and their economies to help companies make optimal decisions on where to expand next.
The use of smart data and machine learning makes the whole process dramatically more efficient than ever, supporting companies to expand faster, easier and cheaper than ever before by helping them to discover market potential, find consumer markets, pinpoint locations for operation centers, compare cities, discover opportunities and find local partners, also within the same locality. It also provides the companies with direct contacts to the urban stakeholders.
Cityglobe provides democratization of access along with transparency and focus on economic merit instead of bias, enhancing efficiency of the world economy, while bringing more fairness to the process.
About the author
Anna Hejka, Founder and Managing Partner of PGF III, VC fund investing in disruptive companies with global potential