10 Best States for Starting a Business

10 Best States 10 Best States

for Starting a for Starting a

BusinessBusiness

Intro

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Intro

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Here are the top 10 states

Here are the top 10 states

ranked for ranked for entrepreneurship and

entrepreneurship and innovation, as measured

innovation, as measured

by the number of high-

by the number of high-tech businesses in the

tech businesses in the state, programs that

state, programs that support entrepreneurs,

support entrepreneurs, and STEM (science,

and STEM (science, technology, engineering

technology, engineering

and mathematics) job

and mathematics) job concentration. Each state

concentration. Each state

that made the list has

that made the list has something unique to offer

something unique to offer

resident entrepreneurs.

resident entrepreneurs.

Mary

land

Mary

land

The Maryland The Maryland Entrepreneurs Resource

Entrepreneurs Resource

List is a networking tool for

List is a networking tool for

connecting experienced

connecting experienced

tech executives with young

tech executives with young

startup entrepreneurs. The

startup entrepreneurs. The

University of Maryland

University of Maryland Baltimore County's

Baltimore County's ACTiVATE initiative,

ACTiVATE initiative, supported by the state's

supported by the state's

Technology Development

Technology Development

Corporation, gives female

Corporation, gives female

entrepreneurs over a year

entrepreneurs over a year

of support and guidance as

of support and guidance as

they launch their tech

they launch their tech startups.startups.

Colo

rado

Colo

rado

In addition to attracting

In addition to attracting hikers and bikers, the

hikers and bikers, the Western state is a hotbed

Western state is a hotbed

for high-tech businesses

for high-tech businesses

and ranks fourth in the

and ranks fourth in the country for the number of

country for the number of

new businesses born. Also,

new businesses born. Also,

it has a relatively high

it has a relatively high concentration of STEM jobs

concentration of STEM jobs

and in the last two years

and in the last two years

has bolstered its high-tech

has bolstered its high-tech

workforce with an

workforce with an additional 1,100 software

additional 1,100 software

programmers, 840

programmers, 840 engineers, and 675

engineers, and 675 science research jobs.

science research jobs.

Virg

inia

Virg

inia

In addition to having the

In addition to having the highest concentration of

highest concentration of STEM jobs of any state in

STEM jobs of any state in

the U.S., Virginia has been

the U.S., Virginia has been

home to the Center for

home to the Center for Innovative Technology since

Innovative Technology since

1985. The CIT's mission is

1985. The CIT's mission is

to promote technology-

to promote technology-based economic growth in

based economic growth in

the state and is focused on

the state and is focused on

getting money to more

getting money to more entrepreneurs in the very

entrepreneurs in the very

early, seed round of

early, seed round of funding.funding.

Utah

Utah

The Utah Science, Technology,

The Utah Science, Technology,

and Research initiative

and Research initiative (USTAR) at the University of

(USTAR) at the University of

Utah, which is dedicated to

Utah, which is dedicated to

turning research at the state's

turning research at the state's

universities into commercial

universities into commercial

businesses, received $6

businesses, received $6 million in funding in 2012.

million in funding in 2012.

Also, the state and the

Also, the state and the Governor's office teamed up

Governor's office teamed up

with Weber State University to

with Weber State University to

offer entrepreneurs courses,

offer entrepreneurs courses,

mentorship and affordable

mentorship and affordable

working space in a program

working space in a program

called Startup Ogden.

called Startup Ogden.

Mass

achu

setts

Mass

achu

setts

The New England state, home

The New England state, home

to some of the most prestigious

to some of the most prestigious

research institutes in the

research institutes in the

country, including Harvard

country, including Harvard

University and Massachusetts

University and Massachusetts

Institute of Technology, is a hub

Institute of Technology, is a hub

for STEM jobs. Also, in 2012,

for STEM jobs. Also, in 2012,

the state legislature passed a

the state legislature passed a

bill that will allow the

bill that will allow the Massachusetts to invest in

Massachusetts to invest in

several long-term research and

several long-term research and

development activities, provide

development activities, provide

$1 million for paid internships

$1 million for paid internships

in startups, and another $1

in startups, and another $1

million for a program to mentor

million for a program to mentor

entrepreneurs about how and

entrepreneurs about how and

when to access venture capital

when to access venture capital

funding.funding.

Texa

sTe

xas

The Lone Star State has

The Lone Star State has more than 2.2 million

more than 2.2 million small-businesses

small-businesses accounting for more

accounting for more than half of its private

than half of its private sector jobs. Also, since

sector jobs. Also, since 2009, Texas has ramped

2009, Texas has ramped up its STEM workforce

up its STEM workforce by 34,000, primarily in

by 34,000, primarily in the computer and IT

the computer and IT fields.fields.

Was

hing

ton

Was

hing

ton

Impact Washington supports

Impact Washington supports

manufacturing in the state and

manufacturing in the state and

has a specific program

has a specific program targeting small manufacturers.

targeting small manufacturers.

Also, manufacturers can get

Also, manufacturers can get

access to funding through the

access to funding through the

state's Washington Economic

state's Washington Economic

Development Finance

Development Finance Authority's Industrial Revenue

Authority's Industrial Revenue

Bond program. In addition to

Bond program. In addition to

its support for manufacturing,

its support for manufacturing,

the home state of software

the home state of software

giant Microsoft has a high

giant Microsoft has a high

percentage of STEM workers,

percentage of STEM workers,

with notable concentrations in

with notable concentrations in

engineering, science and

engineering, science and

computer workers.

computer workers.

Arizo

naAr

izona

The Southwestern state hosts

The Southwestern state hosts

the Arizona Innovation

the Arizona Innovation Challenge each year where it

Challenge each year where it

gives out $3 million in awards to

gives out $3 million in awards to

entrepreneurs. Also, the state

entrepreneurs. Also, the state

encourages investment in small

encourages investment in small

Arizona businesses by granting

Arizona businesses by granting

tax credits through its Angel

tax credits through its Angel

Investment Program, which it

Investment Program, which it

has budgeted $20 million for

has budgeted $20 million for

through 2016. Also, Arizona has

through 2016. Also, Arizona has

a Fast Grant program giving

a Fast Grant program giving

winning entrepreneurs funding

winning entrepreneurs funding

to use to hire expert consultants

to use to hire expert consultants

and test new products. The goal

and test new products. The goal

of the program is to help

of the program is to help

startups transform an innovative

startups transform an innovative

new product or idea into a

new product or idea into a

money-making venture.

money-making venture.

Geor

gia

Geor

gia

Atlanta is relatively active city

Atlanta is relatively active city

for venture capital, with 54

for venture capital, with 54

startups getting money in 2012,

startups getting money in 2012,

according to the National

according to the National

Venture Capital Association, the

Venture Capital Association, the

venture-capital industry

venture-capital industry

association. The capital city's

association. The capital city's

co-working space, The Atlanta

co-working space, The Atlanta

Tech Village, has a waiting list of

Tech Village, has a waiting list of

more than 100 people, a sign of

more than 100 people, a sign of

the city's active startup culture.

the city's active startup culture.

Also, the Georgia Department of

Also, the Georgia Department of

Economic Development runs a

Economic Development runs a

training program called

training program called Entrepreneur-Friendly

Entrepreneur-Friendly Communities where it teaches

Communities where it teaches

local communities how to

local communities how to

encourage and foster small-

encourage and foster small-

business growth.

business growth.

Florid

aFlo

rida

While Florida doesn't have

While Florida doesn't have

much to brag about when it

much to brag about when it

comes to encouraging

comes to encouraging innovation, the Sunshine

innovation, the Sunshine

State has the highest

State has the highest business birth rate in the

business birth rate in the

U.S., helping it to narrowly

U.S., helping it to narrowly

secure a spot on the

secure a spot on the entrepreneurship list. Also,

entrepreneurship list. Also,

the state has a very high

the state has a very high

growth rate of self-employed

growth rate of self-employed

individuals, including the

individuals, including the

addition of 59,000 personal

addition of 59,000 personal

finance advisors since 2002,

finance advisors since 2002,

39,000 property managers,

39,000 property managers,

and 38,000 securities and

and 38,000 securities and

financial services individuals.

financial services individuals.

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Original Article AuthorCatherine CliffordAll information and content is

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