EVANSTON, Ill. — A recent study named Evanston one of the top 100 hidden gem cities for startups, ranking 52nd in the nation.
Major tech hubs such as the San Francisco Bay Area, Seattle, Boston and the New York-New Jersey region are well known for their established entrepreneurial ecosystems.
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But that comes with high costs, and those areas may become saturated with new businesses, making it more difficult to launch new ventures.
Meanwhile, Evanston offers a unique combination of advantages for those looking to start a new business, including a tight-knit community, the presence of Northwestern University and the accompanying influx of young talent and research opportunities, and a North Shore location that’s home to some of the state’s wealthiest investors.
Evanston’s median household income is over $97,000, significantly higher than the statewide average of $76,708. Median property value is $448,600, putting it out of reach for many, but the high cost of living is offset by available economic opportunities and community support.
Evanston’s large population also makes it easy for new businesses to start and succeed: More than 72 percent of residents have at least a bachelor’s degree, nearly double the rate in Illinois, and about 14 percent of the city’s 77,000 residents are foreign-born, further contributing to the city’s vibrant entrepreneurial spirit.
The only other Illinois city on the list is Bloomington-Normal, home to Illinois State University, Illinois Wesleyan University and the Illinois Small Business Development Center.
The top 100 cities that are “hidden gems” for startups are the result of an online panel survey of 3,000 corporate executives conducted by MarketBeat last month. According to the financial media company, the survey used internal data sources to obtain a population data set and employed a two-step process of stratified sampling and post-stratification weighting.
“As the startup landscape changes, it’s essential that we consider diverse locations that offer unique advantages for entrepreneurs,” founder Matt Paulson said in a statement.
“Our research highlights cities that not only offer cost-effective solutions but also foster an environment that supports innovation and growth,” he said. “These hidden gems prove that you don’t need to be in a traditional startup hub to be successful.”
