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Milan the fashion and design capital of italy is also making a name for itself as a hub for startups with a rich history of entrepreneurship the city has been home to some of the countrys largest and most successful companies with a population of over 13 million people milan is the largest metropolitan area in italy and is home to several renowned universities including politecnico di milano and bocconi university the city is strategically located in the heart of northern italy making it an ideal place for businesses to establish themselves and reach a large diverse customer base the city is also home to several technology parks providing ample space for growing startups to expand in terms of technological innovations milan has a strong tradition of research and development with a focus on advanced manufacturing and materials science companies like pirelli brembo and phillips are based in the city and are at the forefront of their respective industries the startup scene in milan has seen a significant rise in recent years with a growing number of entrepreneurs setting up shop in the city in 2020 the number of new startups increased by 97 and the city has become a hub for young dynamic and innovative companies major companies such as bazzi the aipowered fashion retailer and almaviva a provider of digital solutions have set up headquarters in the city in terms of the cost of living the average salary in milan is around 47000 per year with the cost of living being slightly higher compared to other cities in italy the unemployment rate in the city is around 73 which is relatively low compared to other regions in italy the citys gdp is estimated to be around 60 billion making it one of the largest economies in italy despite the ongoing economic challenges posed by the covid19 pandemic the startup scene in milan is thriving and the city is poised for further growth in the future overall the rich history of entrepreneurship favorable geographical location strong research and development tradition and growing number of startups make milan an attractive destination for entrepreneurs and investors alike
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