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Boston also known as beantown is a city with a rich history of innovation and entrepreneurship dating back to the colonial era with a population of over 700000 people it is one of the largest cities on the east coast of the united states the geography of the area is characterized by its proximity to the ocean as well as a number of rivers and parks the city is also home to a number of worldrenowned universities including harvard mit and boston university which have played a key role in shaping the local startup ecosystem boston has a long history of technological innovation dating back to the early days of the industrial revolution in recent years the city has become a hub for biotech and life sciences startups with companies like moderna and vertex pharmaceuticals making headlines for their groundbreaking work in developing vaccines and therapies other successful startups founded in the boston area include draftkings wayfair and toast which have all achieved billiondollar valuations many large multinational companies including ge and ibm also have a presence in the city key historical events in bostons startup scene include the establishment of the massachusetts bay company in 1629 which laid the foundation for the citys strong tradition of entrepreneurship in more recent years boston has been at the forefront of the digital revolution with companies like akamai and tripadvisor leading the charge boston is home to a number of leading universities including harvard mit and boston university which have produced many successful entrepreneurs over the years these institutions have also played a critical role in fostering innovation and entrepreneurship in the local community the living wage in boston is around 15 per hour although the cost of living in the city is high with rents averaging around 2000 per month the unemployment rate in boston is currently around 37 which is lower than the national average boston has a gdp of around 459 billion making it one of the largest and most prosperous cities in the united states the rate of new companies starting and ending in the city is high with many startups failing within the first few years of operation despite the challenges faced by startups in boston the citys startup scene is thriving thanks to a combination of factors these include a highly educated and skilled workforce a strong tradition of entrepreneurship and innovation and a supportive ecosystem of investors mentors and accelerators the citys strong focus on biotech and life sciences has also created a unique niche in the startup world which has helped to attract a wide range of investors and talent however the city also faces challenges like high living costs and a shortage of earlystage funding which can make it difficult for startups to succeed nonetheless bostons startup scene remains one of the most exciting and dynamic in the world as it continues to innovate and disrupt established industries
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