10/7/2005
Media Contact:
Monica Whitfield Brase, [317] 327-3690 |
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Indianapolis named in the top five hot American cities for entrepreneurs
INDIANAPOLIS - Entrepreneur magazine and the National Policy Research Council have named Indianapolis as the fifth hottest large city for entrepreneurs in the United States.
"I'm proud that Entrepreneur recognizes that Indianapolis is a great place to start and grow a business," Mayor Bart Peterson said. "We will continue to promote Indianapolis' low cost of doing business, skilled workforce, outstanding universities and strong government programs and incentives."
To create the list, an "entrepreneurial activity index" was used to measure the best places to start and grow a company. The index consisted of two key measures of entrepreneurship: business formation and business growth. The two measures were combined to calculate an overall entrepreneurial rank of best places to start and grow a business.
An example of the city's success in promoting entreprenuership is BioCrossroads, Indiana's life sciences initiative that was formed in 2002 with Mayor Peterson as a founding member. BioCrossroads is a collaboration of business, education and government officials that are working to promote and grow Indiana's life sciences community. It has raised almost $80 million in venture capital funding.
"This study confirms that our efforts to build and align the right assets for entrepreneurs, especially in innovative industries like the life sciences, is a sound business strategy," said David Johnson, President and CEO of BioCrossroads. "The more we can support these types of small, emerging companies, the more likely we are to succeed in recognizing some very big opportunities."
A major BioCrossroads initiative in the growing life sciences sector is the Emerging Technology Center, Indianapolis' downtown life sciences business incubator. The city recently announced a $534,000 grant to the ETC to boost its efforts. "The ETC is a national model of success for business incubators - and I am confident that more and more startups will 'graduate' and grow right here in Indianapolis," the Mayor said.
The top ten large cities for entrepreneurs are as follows:
1. Phoenix-Mesa, AZ
2. Charlotte-Gastonia-Rock Hill, NC-SC
3. Raleigh-Durham-Chapel Hill, NC
4. Las Vegas, NV-AZ
5. Indianapolis
6. Washington-Baltimore, DC-MD-VA-WV
7. Atlanta, GA
8. Nashville, TN
9. Austin-San Marcos, TX
10. Memphis, TN-AR-MS
More information can be found at http://www.entrepreneur.com/bestcities/0,5271,498-Large,00.html
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