Study shows Madison is the third fastest growing startup city in the country
MADISON, Wisconsin (WMTV) – The city of Madison is emerging as a hot spot for startups, attracting money and entrepreneurs from across the country. The result is that city experts are tracking economic growth in the Wisconsin capital.
According to York IE, Madison is the third fastest growing startup city in the country, ahead of places like Denver, Colorado and Cleveland, Ohio. The report states that startup growth is up 793%.
“We’re seeing a rich and robust startup community helping other founders,” said Scott Resnick, Board Member of StartingBlock Madison.
Resnick has worked with entrepreneurs and start-ups for the past 15 years. He says a lot has changed in Madison over the past decade. Resnick says part of what makes the city a nurturing place for startups is success stories like StartingBlock Madison or American Family Insurance helping new founders. The overall success brings in funding from across the country, which Resnick says has increased significantly over the past decade.
“If we were to see about 20 to 25 million in venture capital, now we’re looking at four to five hundred million,” Resnick said.
The support system and funding is why Benny CEO Andy Kalmon decided a year ago to come to Madison over places like Chicago, Illinois and Minneapolis, Minnesota.
“When I was thinking about leaving my nine-to-five job, I was exposed to this startup community in Madison, and it gave me the confidence to actually go out and do it,” Kalmon said.
And Greater Madison Chamber of Commerce President Zach Brandon says the startups are bringing jobs to the area. He adds that it provides access to various career fields and helps keep college graduates in the state.
“Greater Madison is emerging as a place of innovation and entrepreneurship and is increasingly becoming a national hotspot,” Brandon said. “Despite the pandemic, despite some of the economic headwinds we’ve experienced over the last few months, Madison’s economy is growing at a pace that gives us a competitive edge and frankly outperforming the rest of the country, and that’s something we should all be excited about.” .”
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