The east coast is rife with social and economic opportunities, so what better place to begin a startup than over there?
Access to Capital
According to data from the National Venture Capital Association, more than $6,000,000,000 in venture money is invested in businesses on east coast cities annually — and that’s only counting the cities that actually adjoin the Atlantic.
7 of the top 10 highest-earning states, including the District of Columbia, whether ranked per capita or by median household income, are on the eastern seaboard.
And the biggest banks in the country? JP Morgan Chase, B of A, Citigroup, and other financial giants call the east coast home. Shouldn’t your startup do the same?
From Boston, the incubator of the American Revolution, to Washington, the nation’s capital, a straight, virtually continuous urban corridor is home to almost a fifth of the nation’s population despite being barely more than a percent of the land area of the United States.
The sprawling megalopolis is an unmatched territory of potential partners, customers, investors, and other necessary entities to get your business off the ground. Even if all you need is a few more new people to look over your product, you’d be hard pressed to find a higher concentration of eyeballs anywhere in the US.
7 of the top 10 national universities according to US News and World Report can be found east coast. Adjacency to elite academic institutions will give your startup access to the best prepared graduates in the country, and proximity to some of the brightest minds in cutting edge fields. An educated workforce and a, environment of innovated research await you should you choos to develop your startup in the east coast’s expansive knowledge corridor.
Many east coast schools also offer incubator space to startups, enabling budding entrepreneurs with a high-tech, low-cost facility to take hold and grow, as well as networking events and fascinating lectures from visiting global intellectuals.
Strong Network of Support
A fertile community of entrepreneurship and a diverse, innovative body of support is often touted as a motivation to lure nascent startups to Silicon Valley. The notion, however, that the ebullient ecosystem of innovation can only be found on the west coast is out of date and fallacious.
An expansive web of supportive mentors, experts, and service providers touches the entirety of the eastern coast. Resources entrepreneurs need to make their ideas a reality are in high supply. Events like Boston’s MassChallenge, the Connecticut Innovation Summit, and New York City’s Techweek bring together the local tech community to grow new startups in the northeast, while Orlando’s iSummit, Atlanta’s TAG Business Launch, and other awesome events stimulate growth in the south. Ubiquitous startup celebrations like this are stellar catalysts for your launch on the east coast.
There is an infinite number of factors that will prove to have an unpredictable effect on the trajectory your startup will take. Every entrepreneur faces an astronomical number of issues, concerns, and quasi-crises along the way. So of course, there is no clear, foolproof path to success, but building your startup on the east coast will give you an overlooked advantage. You’ll find an abundance of capital, a deep population pool, strong academic centers in all directions, and a tireless network of support. What more can you ask for?