Many of you already know this as we have teased this out a little bit but we figured it's time to provide some more context around why Smoov has officially moved our headquarters from Boston to the West Side of Los Angeles.
Nearly two years ago, we started our consumer tech company in Boston with a vision to disrupt the FinTech industry and bring innovative products to market specifically for couples to manage their money.
Despite the city's thriving tech scene, we soon realized that Boston may not be the best location for a consumer tech startup like ours. After much contemplation, we made the difficult decision to move our company to the west side of Los Angeles before our public launch.
Boston has a rich history of innovation and is home to some of the world's largest and most successful tech companies. In fact a lot of the team at Smoov has helped build some of these world class companies. However, the city's focus is more on enterprise tech, biotechnology, and life sciences. The consumer tech ecosystem in Boston is not as well-established as other cities like Los Angeles, San Francisco, or New York.
The west side of Los Angeles, on the other hand, is a hub for consumer tech startups. It is home to Silicon Beach, a vibrant community of tech startups, investors, and entrepreneurs. The ecosystem in this area is rich with resources, talent, and investment opportunities.
It's no surprise that some of the world's most successful consumer tech companies, such as Snap Inc. and Tinder, have roots in this area.
Moving our company to the west side of Los Angeles is already proving to provide us with unprecedented access to a wealth of resources and talent. The city is home to a large pool of experienced professionals with expertise in consumer tech, marketing, and product development. The area also has a strong network of investors, mentors, and accelerators that can provide support and guidance to startups like Smoov. As we grow our team and user base these will continue to be key components of our success.
One of the biggest advantages of being located in this consumer focused environment is the opportunity to collaborate and network with other startups and established companies. Being surrounded by like-minded individuals has allowed us to share ideas, experiences, and best practices, and has helped us to grow and refine our product offerings as well as explore interesting and mutually beneficial partnerships. Plus as we know well from Boston, there is so much power in having a strong community.
Just to unpack the specific things at play here, in Los Angeles, consumer tech companies thrive due to the combination of a handful of factors:
1. Access to talent and resources:
Los Angeles is a melting pot of diverse talent from all over the world, making it an ideal location for companies looking to recruit top talent. Universities such as UCLA and USC, produce talented engineers, designers, and marketers. Additionally, the area has a large pool of experienced professionals who have worked in the tech industry. This provides startups like Smoov access to a wealth of talent, skills, and experience.
2. A vibrant ecosystem:
The Los Angeles tech ecosystem is one of the strongest in the world. There is a vibrant and growing community of tech startups, investors, and entrepreneurs that work together to support one another. The area also has a strong network of accelerators, incubators, and co-working spaces that provide resources and support to startups. These resources and networks can be invaluable to consumer startups as they establish themselves and grow.
3. Investment opportunities:
Los Angeles has a high density of angel investors, venture capital firms, and private equity funds that are actively looking to invest in startups. The area also has a strong community of mentors and advisors who can provide support and guidance to startups as they grow. This combination of investment and mentorship opportunities provides startups with the resources they need to grow and succeed.
4. A strong consumer market:
Los Angeles boasts a large and diverse consumer market, making it an ideal location for consumer tech companies. As we all know, the area has a thriving entertainment and media industry (obviously), as well as a large and growing tech-savvy population. This provides consumer tech startups with access to a large and engaged target audience that they can use to test and refine their products.
5. A favorable business climate:
Los Angeles has a favorable business climate that supports and encourages the growth of startups. The city has a pro-business attitude, a low tax rate, and a supportive regulatory environment that make it an ideal location for startups. Additionally, the area has a strong infrastructure, including a robust transportation network, which makes it easier for startups to do business and grow.
In conclusion, moving our consumer tech company from Boston to the west side of Los Angeles has been a challenging but rewarding experience. The rich ecosystem in this area has provided us with the resources and support we need to bring our vision to life and bring innovative products to market. We're confident that this move will allow us to grow and succeed, and we're excited to see what the future holds.
The best is yet to come.
If you're interested, sign up for our our beta in Testflight here.
Until next time Smoovers. Take it easy and keep it Smoov.
💰🤝❤️