Florida ranked in top 10 states to start businesses

tampa skyline

TAMPA, Fla. (WFLA) –  According to U.S. Bureau of Labor Statistics data, about a fifth of all startups typically don’t survive past year one of operation, and nearly half never make it to their fifth anniversary.

Fortunately for Tampa Bay residents, the startup and small business community is thriving and has been named one of the best places to start a business.

WalletHub compared the 50 states across 26 key indicators of startup success to determine the most fertile grounds for startup and small business hopefuls.

Source: WalletHub

The Sunshine State landed at No. 6 overall on the list, earning high scores for it’s business environment.

While Florida did have some of the least-accessible financing across the country, the state ranked third for average growth in number of small businesses, and fifth in the category of startups per capita.

With events such as Tampa Bay Startup Week and collaboration and resource groups such as Tampa Bay Wave and Embarc Collective, there’s no shortage of opportunities and resources for growth for anyone with a good idea and the motivation to bring it into reality.

“The tax advantage, quality of life, the high-growth and supportive startup community are often talked about, for good reason,” said Embarc Collective CEO, Lakshmi Shenoy. “But what stands out to me is how representative Hillsborough County is of the United States overall. The age, socioeconomic, political, ethnic and racial diversity makes it very compelling for new businesses to launch here, especially those with a focus on the consumer as opposed to B2B ventures.”

Shenoy, who previously worked in Chicago as the vice president of strategy and business development at the No. 1 university-affiliated business incubator in the world, was hand-picked by Tampa Bay Lighting owner Jeff Vinik in 2017 to lead the innovation hub in Tampa.

“The diverse demographic found here will give a startup a good indication on whether or not it is ready to scale more broadly and which type of consumer they will win with. “

Copyright 2020 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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