While often overlooked, startups serve as the backbone of the American economy. They create new jobs, bring new ideas to the public, stimulate markets, and fulfill the dreams of budding entrepreneurs. Whether you’re fresh out of college, or looking to enter a new industry, startups are a great place to start. However, you can’t begin your business anywhere. There are many factors which can determine how successful your startup will be, including income vs. rent, bachelors and masters degrees, young adult population, and local employment. Below are the 10 best cities for startups and entrepreneurs in 2018.
1. San Francisco, CA
Silicon Valley sticks up to its name here at the top spot. The urban center is flooded with money, educated young talent, and an abundance of eager companies looking to impact their industries. Boasting an impressive 106.91% growth rate for their startups, the Northern California area provides strong support for its developing businesses, in addition to being a hub for culture, art, and diversity.
2. Austin, TX
The tech hub of Texas houses power companies such as Google, Apple, and Facebook. Similar to the Bay Area, Austin has a plethora of educated millennials, but half the living cost. More than 5,500 startups call Austin home, and with business friendly regulations, the city is attractive to software developers and technology buffs alike.
3. Boston, MA
With world class universities located around and throughout the city, this biotech center claims the second best city for tech startups. Boston has a large tech entrepreneur population, while the employment growth is strong and consistent. Most importantly, Boston has many wealthy investors ready to buy a piece of your new vision.
4. Minneapolis, MN
Paired with its ‘Twin City’ Saint Paul, this tech hub of the North offers a comfortable location to begin a startup. With a country leading 121.3% startup growth, the inexpensive cost of living has promoted the expansion of startups. Best of all, Minnesota’s tech pay is almost twice as high as the average state wage.
5. New York, NY
Also known as “Silicon Alley”, the Big Apple is a great place to foster a startup. NYC has startups in every corner of the technology sector, including health, financial, and educational technology. There’s no shortage of resources and opportunity. When you pair them with the New York ‘rise and grind’ mentality, startups tend to flourish here on the East Coast.
6. Seattle, WA
Beautiful scenery, situated on the Pacific, and home to corporate monsters such as Amazon, Microsoft, and Starbucks. Seattle is booming, and its educated youth has provided a steady income of ambitious workers to get tech startups on their feet.
7. Nashville, TN
Music Town has low rent, a large youth demographic, and a startup growth rate of 95.6%. Entrepreneurs are headed towards Tennessee’s capital to grow their startups. The energetic vibe of a large college town has promoted the commitment of young graduates to succeed within their companies.
8. Atlanta, GA
Home to the busiest airport in the world, Atlanta is buzzing with opportunities for tech startups. The influx of people has allowed for many technological advances in the tourism and travel sectors. “Silicon Peach” has seen a 33.3% improvement in corporate-to-small business connections, in comparison to most cities where these connections have declined.
9. San Diego, CA
The beautiful west coast city attracts up to 30 million visitors a year, and has an increasing number of tech startups every year. Particularly, San Diego has a strong industry presence of cyber security, data analytics, and robotics. An 81.21% startup growth rate is good for 9th best in the country.
10. Philadelphia, PA
The City of Brotherly Love is making power moves within the tech industry. Home to multiple universities and young educated talents, Philly offers an appealing home to build a startup. Friendly business regulations, rich history, and impressive innovation ideas has them moving up the startup charts.
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