10 Best States for Starting a Business


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This SlideShare deck is an article summary of '10 Best States for Starting a Business' written by Catherine Clifford. You'll learn about the Top 10 States that ranked highest for entrepreneurship and innovation. As always, this information is intended to educate and empower entrepreneurs.

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10 Best States for Starting a Business

  1. 1. 10 Best States for10 Best States forStarting aStarting aBusinessBusiness
  2. 2. IntroductionIntroductionHere are the top 10 statesHere are the top 10 statesranked for entrepreneurshipranked for entrepreneurshipand innovation, as measuredand innovation, as measuredby the number of high-techby the number of high-techbusinesses in the state,businesses in the state,programs that supportprograms that supportentrepreneurs, and STEMentrepreneurs, and STEM(science, technology,(science, technology,engineering andengineering andmathematics) jobmathematics) jobconcentration. Each state thatconcentration. Each state thatmade the list has somethingmade the list has somethingunique to offer residentunique to offer residententrepreneurs.entrepreneurs.
  3. 3. MarylandMarylandThe Maryland EntrepreneursThe Maryland EntrepreneursResource List is a networkingResource List is a networkingtool for connectingtool for connectingexperienced tech executivesexperienced tech executiveswith young startupwith young startupentrepreneurs.Theentrepreneurs.TheUniversity of MarylandUniversity of MarylandBaltimore CountysBaltimore CountysACTiVATE initiative,ACTiVATE initiative,supported by the statessupported by the statesTechnology DevelopmentTechnology DevelopmentCorporation, gives femaleCorporation, gives femaleentrepreneurs over a year ofentrepreneurs over a year ofsupport and guidance assupport and guidance asthey launch their techthey launch their techstartups.startups.
  4. 4. ColoradoColoradoIn addition to attractingIn addition to attractinghikers and bikers, thehikers and bikers, theWestern state is a hotbed forWestern state is a hotbed forhigh-tech businesses andhigh-tech businesses andranks fourth in the countryranks fourth in the countryfor the number of newfor the number of newbusinesses born. Also, it hasbusinesses born. Also, it hasa relatively higha relatively highconcentration of STEM jobsconcentration of STEM jobsand in the last two years hasand in the last two years hasbolstered its high-techbolstered its high-techworkforce with an additionalworkforce with an additional1,100 software programmers,1,100 software programmers,840 engineers, and 675840 engineers, and 675science research jobs.science research jobs.
  5. 5. VirginiaVirginiaIn addition to having theIn addition to having thehighest concentration ofhighest concentration ofSTEM jobs of any state in theSTEM jobs of any state in theU.S.,Virginia has been homeU.S.,Virginia has been hometo the Center for Innovativeto the Center for InnovativeTechnology since 1985.TheTechnology since 1985.TheCITs mission is to promoteCITs mission is to promotetechnology-based economictechnology-based economicgrowth in the state and isgrowth in the state and isfocused on getting money tofocused on getting money tomore entrepreneurs in themore entrepreneurs in thevery early, seed round ofvery early, seed round offunding.funding.
  6. 6. UtahUtahThe Utah Science,Technology,The Utah Science,Technology,and Research initiative (USTAR)and Research initiative (USTAR)at the University of Utah, whichat the University of Utah, whichis dedicated to turning researchis dedicated to turning researchat the states universities intoat the states universities intocommercial businesses,commercial businesses,received $6 million in fundingreceived $6 million in fundingin 2012. Also, the state and thein 2012. Also, the state and theGovernors office teamed upGovernors office teamed upwith Weber State University towith Weber State University tooffer entrepreneurs courses,offer entrepreneurs courses,mentorship and affordablementorship and affordableworking space in a programworking space in a programcalled Startup Ogden.called Startup Ogden.
  7. 7. MassachusettsMassachusettsThe New England state, home toThe New England state, home tosome of the most prestigioussome of the most prestigiousresearch institutes in the country,research institutes in the country,including Harvard University andincluding Harvard University andMassachusetts Institute ofMassachusetts Institute ofTechnology, is a hub for STEMTechnology, is a hub for STEMjobs. Also, in 2012, the statejobs. Also, in 2012, the statelegislature passed a bill that willlegislature passed a bill that willallow the Massachusetts to investallow the Massachusetts to investin several long-term research andin several long-term research anddevelopment activities, provide $1development activities, provide $1million for paid internships inmillion for paid internships instartups, and another $1 million forstartups, and another $1 million fora program to mentora program to mentorentrepreneurs about how andentrepreneurs about how andwhen to access venture capitalwhen to access venture capitalfunding.funding.
  8. 8. TexasTexasThe Lone Star State hasThe Lone Star State hasmore than 2.2 millionmore than 2.2 millionsmall-businessessmall-businessesaccounting for more thanaccounting for more thanhalf of its private sectorhalf of its private sectorjobs. Also, since 2009,jobs. Also, since 2009,Texas has ramped up itsTexas has ramped up itsSTEM workforce by 34,000,STEM workforce by 34,000,primarily in the computerprimarily in the computerand IT fields.and IT fields.
  9. 9. WashingtonWashingtonImpact Washington supportsImpact Washington supportsmanufacturing in the state andmanufacturing in the state andhas a specific programhas a specific programtargeting small manufacturers.targeting small manufacturers.Also, manufacturers can getAlso, manufacturers can getaccess to funding through theaccess to funding through thestates Washington Economicstates Washington EconomicDevelopment FinanceDevelopment FinanceAuthoritys Industrial RevenueAuthoritys Industrial RevenueBond program. In addition to itsBond program. In addition to itssupport for manufacturing, thesupport for manufacturing, thehome state of software gianthome state of software giantMicrosoft has a high percentageMicrosoft has a high percentageof STEM workers, with notableof STEM workers, with notableconcentrations in engineering,concentrations in engineering,science and computer workers.science and computer workers.
  10. 10. ArizonaArizonaThe Southwestern state hosts theThe Southwestern state hosts theArizona Innovation Challenge eachArizona Innovation Challenge eachyear where it gives out $3 millionyear where it gives out $3 millionin awards to entrepreneurs. Also,in awards to entrepreneurs. Also,the state encourages investment inthe state encourages investment insmall Arizona businesses bysmall Arizona businesses bygranting tax credits through itsgranting tax credits through itsAngel Investment Program, whichAngel Investment Program, whichit has budgeted $20 million forit has budgeted $20 million forthrough 2016. Also, Arizona has athrough 2016. Also, Arizona has aFast Grant program giving winningFast Grant program giving winningentrepreneurs funding to use toentrepreneurs funding to use tohire expert consultants and testhire expert consultants and testnew products.The goal of thenew products.The goal of theprogram is to help startupsprogram is to help startupstransform an innovative newtransform an innovative newproduct or idea into a money-product or idea into a money-making venture.making venture.
  11. 11. GeorgiaGeorgiaAtlanta is relatively active city forAtlanta is relatively active city forventure capital, with 54 startupsventure capital, with 54 startupsgetting money in 2012, accordinggetting money in 2012, accordingto the National Venture Capitalto the National Venture CapitalAssociation, the venture-capitalAssociation, the venture-capitalindustry association.The capitalindustry association.The capitalcitys co-working space,Thecitys co-working space,TheAtlanta Tech Village, has a waitingAtlanta Tech Village, has a waitinglist of more than 100 people, a signlist of more than 100 people, a signof the citys active startup culture.of the citys active startup culture.Also, the Georgia Department ofAlso, the Georgia Department ofEconomic Development runs aEconomic Development runs atraining program calledtraining program calledEntrepreneur-FriendlyEntrepreneur-FriendlyCommunities where it teachesCommunities where it teacheslocal communities how tolocal communities how toencourage and foster small-encourage and foster small-business growth.business growth.
  12. 12. FloridaFloridaWhile Florida doesnt haveWhile Florida doesnt havemuch to brag about when itmuch to brag about when itcomes to encouragingcomes to encouraginginnovation, the Sunshine Stateinnovation, the Sunshine Statehas the highest business birthhas the highest business birthrate in the U.S., helping it torate in the U.S., helping it tonarrowly secure a spot on thenarrowly secure a spot on theentrepreneurship list. Also, theentrepreneurship list. Also, thestate has a very high growthstate has a very high growthrate of self-employedrate of self-employedindividuals, including theindividuals, including theaddition of 59,000 personaladdition of 59,000 personalfinance advisors since 2002,finance advisors since 2002,39,000 property managers, and39,000 property managers, and38,000 securities and financial38,000 securities and financialservices individuals.services individuals.
  13. 13. InformationInformationAttributesAttributesOriginal Article LinkOriginal Article Link10 Best States for Starting a Business10 Best States for Starting a BusinessOriginal Article AuthorOriginal Article AuthorCatherine CliffordCatherine CliffordAll information and content isAll information and content isproperty of the respectful owners.property of the respectful owners.This SlideShare presentation isThis SlideShare presentation isintended to educate and empowerintended to educate and empowerentrepreneurs.entrepreneurs.
  14. 14. TheEndTheEndFor Small Business OnlineFor Small Business OnlineMarketing HelpMarketing Help90DayEntrepreneur90DayEntrepreneur