Forbes Magazine explains how hubs of innovation are springing up all over North America. Plenty of entrepreneurs are still making it big by banking on technology companies churning out software, web apps and other products with the potential to change how we live and do business (Think: Google, Facebook, Apple… It’s hard to believe now, but at one time, no one had ever heard of them.)

Though most start-ups today have little to do with silicon, there’s something powerful about the evolution of our lexicon to confer a greater meaning upon a simple chemical element. It’s not about chips anymore, it’s about communities of thinkers, dreamers, and doers who support one another to create the innovations of tomorrow. And that tomorrow can’t be confined to any valley.

Technology Hubs Across the USA and Canada

The USA is not the only place where startup hubs are developing. Canada has been called a startup paradise, hosting high-tech hubs around Toronto and Vancouver. What accounts for the country’s success? A report titled Entrepreneurs Speak out: A Call to Action for G20 Governments gives some indications, including a high level of tailored support to create an environment that gives entrepreneurs a higher chance of success.

The report affirms that Canada offers young entrepreneurs low business startup costs, funding from public aid, a well-regulated banking sector, a highly educated workforce and a variety of coaching programs that go a long way in promoting entrepreneurship. Results from the research suggest that enhancing communication around entrepreneurial success stories, promoting career opportunities offered by entrepreneurship, and highlighting the role of entrepreneurs in creating new jobs are essential components to developing a strong entrepreneurial culture.

Successful entrepreneurship doesn’t “just happen”. There are many reasons why business startups tend to flourish and thrive in certain cities in the USA and Canada while new businesses are thin on the ground elsewhere. We do see a correlation between highly livable cities and a growing creative class that can seed a startup hub. Some cities like New York City or Toronto are natural magnets for these types of people. But by focusing on livability and a business-friendly environment, communities can take steps to become these kinds of hubs that attract both entrepreneurs and investors

BONUS: For entrepreneurs seeking tech startup riches wherever they may be, I highly recommend this Silicon Valley Entrepreneur series of videos featuring interviews with angel investors and entrepreneurs who have found success. The videos themselves are representative of the Silicon Valley style – they look like they might have been recorded in someone’s garage, but the insight offered far outpaces the production value:

Silicon Valley Entrepreneur Videos

• Guy Kawasaki. The author of Reality Check.
• Steve Blank. Founder of E.phiphany and author
• Randy Komisar. Author and VC

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Listen to this conversation about how to raise capital for your business from investors

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Investment lexicon for entrepreneurs, angel investors and venture capitalists

What’s “burn rate”? What’s the difference between a “venture capitalist” and a “vulture capitalist”? What do “ROI” and “NDA” stand for? The arcane lexicon of venture financing can leave some entrepreneurs scratching their heads – which is not a great thing to be doing in front of a roomful of potential investors.

• The YCE Investment Lexicon is FREE to download!

Entrepreneurs are usually experts in their field. Plenty of CEOs of technology firms started out as programmers or engineers. Successful chain restaurant CEOs started out as chefs in their family’s kitchen. They know their business well – but they often don’t have the formal training in investment terminology.

Let’s go over a few of the common terms:

• Burn rate. The amount of money the company consistently spends each month on salaries, rent, general expenditures and administration.

• Hockey Stick Forecast. A five-year forecast with year-over-year revenue growth. In chart form, it looks like a hockey stick.

• Valuation. The monetary value placed on a company and agreed to between the investor and entrepreneur. It forms the basis of the investment. 

• NDA (Non-Disclosure Agreement). A legal document to protect the company’s confidential information.

Learn more the Your Capital Edge’s Investment Lexicon which is FREE to download. Get familiar with the language of investing

Listen to how venture capitalists and CEOs use this kind of language themselves in a discussion about How Venture Capital Works

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