DataFox: Providence one of best cities for startups

PROVIDENCE is one of the best cities for startups in the country, according to DataFox. / PHOTO COURTESY WATERFIRE/LUIS ANDRADE
PROVIDENCE is one of the best cities for startups in the country, according to DataFox. / PHOTO COURTESY WATERFIRE/LUIS ANDRADE

PROVIDENCE – Providence is one of the best cities for startups in the country.
Rhode Island’s capital city was 15th on a list of the 15 best cities in 2015 to found startups outside the Silicon Valley and New York, according to business intelligence data firm DataFox.
Providence was noted as the home of Brown University and Rhode Island School of Design, and for its proximity to Boston – just 45 minutes away.
“Providence’s downtown area hosts a number of burgeoning startups. Though Rhode Island’s economy took a hit during the recession, its tech scene remains a bright spot and source of pride. The cost of living is much lower than nearby Boston, and Providence boasts intellectual and cultural capital to spare. The city stands out in our study for the rapid growth of its young startups. … Providence is doubling down on young founders: Rhode Island offers loan forgiveness for entrepreneurs who start businesses in tech and design,” DataFox said.
Cambridge in Massachusetts was first on the list, followed by Santa Monica, Calif.; Fayetteville, Ark.; Boulder, Colo.; Wilmington, Del.; Pittsburgh; Atlanta; Scottsdale, Ariz.; St. Louis; Durham, N.C.; Cleveland; Salt Lake City; Austin, Texas; and Seattle.
DataFox said it “crunched the numbers” on more than 12,000 U.S.-based, pre-Series A companies in its database to find the best cities to found a startup.
DataFox studied availability of capital, affordability, success of early-stage companies, and a city’s community of entrepreneurs to come up with its list. Data from the federal Bureau of Economic Analysis, U.S. Census Bureau and Tax Foundation was used to determine the rankings, DataFox said.
“With early-stage startup funding less available, a strong network and culture of growth matter more than ever. The right city can help foster a successful climate that provides new companies the capital to develop their products, and the resources to help them scale,” DataFox said.

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