Story excerpt provided by DataFox.
Written by Anisha Sekar.
Certain cities have a way of creating a thriving startup ecosystem with access to capital, affordability for pre-funded companies, and other founders who can motivate and mentor new entrepreneurs. A startup’s location can have a major impact on its success, from getting face-to-face meetings with potential investors to affording rent long enough to get some traction. And while San Francisco, New York and Palo Alto dominate the startup news, other cities have created a thriving startup scene in areas like healthcare technology, design and agriculture…
Cleveland’s affordability and centralized hubs for startups make it an ideal location, especially for first-time entrepreneurs. In fact, Cleveland is above average in pre-Series A startup growth and startup density, but its cost of living is a standout even among other cities on our list: it’s the most affordable city among the 15 we profile here.
Key initiative: Build a centralized, vibrant hub
Cleveland’s StartMart opened just a few months ago, and already houses more than 100 startup employees. With 35,000 square feet, the downtown hub provides office space, wifi and most importantly, the chance to bounce ideas off other founders and raise capital from local investors. By bringing young companies under one roof, Cleveland is able to foster the same high-charged atmosphere as Silicon Valley, without the steep cost.
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Originally published December 14, 2015.