Forbes ranks Baltimore fifth on list of emerging startup cities - Technical.ly Baltimore

Civic

Oct. 1, 2018 5:17 pm

Forbes ranks Baltimore fifth on list of emerging startup cities

Forbes and Rise of the Rest partnered on a list of The Top 10 Rising Cities for Startups.

Steve Case speaks at the future home of Impact Hub Baltimore in 2015.

(Photo by Stephen Babcock)

Baltimore ranked fifth in a new study that looked at tech communities outside of the tech hubs that tend to draw the bulk of U.S. venture capital. “The Top 10 Rising Cities for Startups” is the result of a partnership between Forbes and Revolution’s Rise of the Rest.

The list used data from PitchBook, Moody’s Analytics and the Kauffman Foundation, to compare 30 cities. It shows venture capital continues to concentrate geographically, as 76 percent of the VC money in 2017 went to companies in New York, California and Massachusetts. But this list looked to go beyond the cities that received most of the dollars. From the Forbes report:

To compile the list of emerging startup cities, Forbes eliminated the 10 metro areas that garnered the most VC funding over the past three years, namely San Francisco, New York, Boston, San Jose, Los Angeles, San Diego, Seattle, Chicago, Washington, D.C. and Austin. The drop-off from Austin to No. 11 Atlanta is more than $500 million, according to PitchBook data. Forbes compared the 30 largest metro areas, outside of the 10 above, on 13 factors related to costs (business and living), education levels, college presence, entrepreneurship rates, working age population growth and venture capital investments (density, total number, value and percent changes).

According to the list, the Baltimore metro area received $1 billion in venture capital investment over three years. Rise of the Rest, which was created by AOL cofounder Steve Case, has been a familiar moniker in Baltimore during the time. The initiative’s bus tour visited the city in 2015, and Case was also in Baltimore earlier this year.

Advertisement

“The goal is to level the playing field so everybody, everywhere who has an idea has a shot at building a company and the American Dream,” Case said in a statement. “We believe that supporting the growth of startup communities can help close the innovation gap between the coasts and the middle of the country.”

Read the full story
Companies: Revolution
-30-
JOIN THE COMMUNITY, BECOME A MEMBER
Already a member? Sign in here

Advertisement

How do you create a job that doesn’t exist?

SmartLogic is making a dev investment to help a Baltimore startup scale

Ion Storage Systems raises $8M for solid state battery development

SPONSORED

Baltimore

Building a data acquisition system? Don’t make this mistake

Baltimore

14 West

Senior Java Software Engineer

Apply Now
Baltimore, MD 21201

14 West

Senior Data Engineer

Apply Now

Socially Determined wins $50K at LifeBridge Health/CareFirst Innovation Challenge

Why LifeBridge Health and CareFirst are collaborating on startup engagement

Alliance Data Systems acquires ‘select’ tech assets of Baltimore-based Blispay

SPONSORED

Baltimore

How SmartLogic accelerated these startups’ product growth trajectories

Baltimore, MD

SmartLogic

Product Designer

Apply Now
Baltimore, MD 21201

14 West

Customer Success Associate

Apply Now
Baltimore, MD

SmartLogic

Developer

Apply Now

Sign-up for daily news updates from Technical.ly Baltimore

Do NOT follow this link or you will be banned from the site!