Good ol’ amber waves of grain
Who needs the Silicon Valley when the Midwest is fast-becoming a start-up mecca?
There really IS no better time that than now to cultivate your startup dreams! And lest you think that means picking up and moving (to the Silicon Valley or Austin, Texas or anywhere else identified as the Promised Land) when in reality you are living in Ohio, then think again! There is plenty of evidence supporting that the Midwest is distinguishing itself as a new startup land-of-opportunity.
The place to be
Venturebeat, which knows a thing or two about startups and why they are successful, points out in a recent article that “there are more entrepreneurs building billion-dollar companies in the Midwest today than in the past 50 years combined.” I don’t feel that is a coincidence. In fact, says VB:
“It is only a matter of time until Midwest cities surpass recent emerging venture cities like Shanghai, Stockholm, and Mumbai to rival Silicon Valley.”
What’s more, rather than being the “next big thing” (a worn out phrase if ever there was one), the startup market in the Midwest is happening now. Experts feel the number of new startups keeps doubling: 1,800 companies two years ago. Nearly 4,000 this year. And that’s just in Ohio. It’s no understatement to say there are plenty of investment opportunities in the Midwest, and they are on par with those found in other geographies.
Whoever coined the term “Silicon Prairie” should get cappuccinos for life. That is, if you can find one in Iowa, Missouri, Nebraska, Kansas or any other Midwestern city looking to reinvent itself as the new Silicon Valley. According to recent article in The Hustle, “scores of techies are flocking to cities like Lincoln, Des Moines, and Kansas City in hopes of increasing their company’s chance of survival.” So what is it that is pulling entrepreneurs off the West coast and transplanting them to the Midwest? Is it something in the water? The standard-of-living? The people? Probably a combination of all three. Plus that unknown variable often referred to as the “X factor.”
Consider: the 2015 median home price in San Francisco [the current tech mecca] was about $1.1 million. That means, I don’t know, about $200,000 down and maybe a monthly mortgage of $4,000 a month. Hustle compares that to Lincoln, NE, where the median home was just $158,000. I know what you’re thinking, “Yeah but it’s LINCOLN, Nebraska.” OK, granted but I also know that these days most entrepreneurs need only a laptop and an internet connection to make waves and hit upon something big. Anything else you feel you need access to is relative.
Look and you shall find
I mentioned earlier called the “X-Factor.” For every entrepreneur it is something different. The thing that elevates your company (or even yourself) from one level to the next. Maybe for you the X-Factor won’t be in Lincoln, Nebraska but it might be in Columbus, Ohio. What is certain is that a company can access, build, and deploy world-class technology from anywhere.
Call me silly, but if you’re an entrepreneur with a fledgling company in 2016, you’re overlooking a huge caveat if you don’t consider building it in the Midwest!