A new index from the Kauffman Foundation identified Miami, Austin, Los Angeles, San Diego and Las Vegas as the top US cities for entrepreneurship in 2016.
Among the 25 smallest US states, the top startup spots were Oklahoma, Wyoming, Alaska, Montana and Nevada. “We are seeing growing broad-based startup activity nationwide,” says Kauffman’s Philip Gask. The annual startup index tracks new entrepreneurs and businesses, and founder motivations.
For the third straight year, people in the US opened more businesses than the previous year. More entrepreneurs (86 percent) are starting businesses out of opportunity rather than necessity. First-generation immigrants make up nearly 30 percent of new US founders, a two-decade high.
Kauffman’s Victor Hwang says, “Growing startups not only support individual entrepreneurs but lift surrounding communities.” Minority and female founders continue to face barriers.