If you represent startup businesses – or would like to expand into that practice area – you don’t need to have an office in New York or the Silicon Valley.
In fact, Texas, Minnesota, Wisconsin and Ohio are four states where startups are exploding – and many of these young companies are desperate for legal representation.
“Cities with high potential for startup success exist across the country.” says the financial services site Fundera, which surveyed startup activity in 50 midsized cities nationwide.
As you might expect, San Francisco and the Silicon Valley Bay Area dominate the startup market, soaking up 45 percent of all venture capital investment nationwide. When you include other major startup hubs like New York, Boston and Seattle, that figure rises to 75 percent.
But there are lesser-known startup hotspots all across the country. These locations are a potential goldmine of untapped clients.
Topping the list of places where startups may need of legal representation: Madison WI, Plano TX and St. Paul MN.
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To compile its list of underserved startup cities, Fundera ranked cities with populations of 500,000 or less based on these factors: access to a talented labor pool, average labor cost, office space cost, average cost of living, and proximity to a larger startup ecosystem.
“The top three cities—Madison, Plano, and St. Paul—earned high points for a combination of access to a well educated local labor pool and a relatively modest cost of doing business,” says Fundera.
Cities like Madison and Durham NC earned points for having excellent feeder universities and access to top talent.
Top 10 Untapped Startup Cities
- Madison, Wisconsin. Office space is an affordable $14.26 per square foot.
- Plano, Texas. A whopping 164 venture capital deals from 2016 to 2019.
- St. Paul, Minnesota. Office space is only $13.63 per square foot.
- Cincinnati, Ohio. A combination of cheap office space and a booming venture market.
- Durham, North Carolina. More than half the population holds a college degree.
- St. Louis, Missouri. An educated workforce and affordable real estate.
- Arlington, Texas. 164 venture capital deals from 2016 to 2019.
- Chandler, Arizona. Affordable commercial space and an educated workforce.
- Henderson, Nevada. Scored well in all ranking criteria.
- Kansas City, Missouri (tie). An accelerating startup climate.
- Scottsdale, Arizona (tie). Almost 57 percent of its population hold a college degree.
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