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4 Reasons Philadelphia is a Great Entrepreneur Investment Hub

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Starting up a new business is everyone’s enthusiastic desire today. In a rather competitive world, startups fail at an incredible rate as 90 percent of all startup businesses do not see the end of their first year. In the US, 50 percent of the businesses do not make it past the 5-year period after establishment while 70 percent of them die off after 10 years. These scary stats should make every entrepreneur worried about their businesses and prospected startups.

4 Reasons Philadelphia is a Great Entrepreneur Investment Hub

Entrepreneurs and business experts agree that the location of a business highly matters in determining whether the business would flourish on not. Of all the places in the US where a prospecting entrepreneur can invest in, Philadelphia quite stands out for various key reasons.

Right set of economic incentives

Besides the federal government’s policies to increase business startups, the state of Pennsylvania has been on the forefront towards creating an increasingly conducive environment for investment. Among the programs under the state government of Pennsylvania include grants, tax cuts, and credits targeted at supporting new businesses in the state.


To revive new businesses while encouraging new ones to flourish, the government has been working within the framework of the Keystone Innovation Zone (KIZ). The KIZ program gives eligible business startups grants of up to $25 million in taxation credits. Such credits give the businesses cost offsets which ensure that the saved funds can go towards saving startup operation costs which can significantly boost a business establishment.


Philadelphia also has other programs which work towards boosting business establishments such as the Keystone Special Development Zone (KSDZ) which promotes deteriorating business. The program works by ensuring that struggling businesses are boosted which consequently retains jobs while creating others.

Strategic location

Philadelphia is regarded as the second largest city on the East Coast after New York. It is only rivaled by Washington in terms of size and convenience for business. Located between New York and Washington, the city is one of the most convenient to set up business establishments. It guarantees ease of access to the East Coast business hub as well as being strategically located for all sorts of businesses. The cost of establishment is conveniently affordable, and the flow of customer traffic is flourishingly good.

Plenty of affordable but skilled manpower

Philadelphia has a sufficient flow of labor from numerous strategically distributed universities within the state. These universities produce high-quality, hands-on-experienced workers who serve to replenish the demand for skilled labor. Setting up a startup in the area would, therefore, ensure that the business has sufficient access to a vibrant workforce. With the high volumes of labor in the state, the cost of hiring workers remains relatively affordable and low, therefore ensuring that startup businesses can flourish well. Regarding technology, the city and state at large produces highly equipped and well trained tech-savvy graduates who can apply modern-day business solutions such as business’ integration with QuickBooks, cloud computing, and cloud accounting, among other areas.

Excellent business culture

Philadelphia has a huge level of highly potent and stabilized companies, creating a bubble of a rich investment environment where new startups would undoubtedly do well. The state is considered as home to over 12 Fortune 500 companies in the US as well as over 136 of the Inc. 5000 fastest growing businesses in the country. With these companies flourishing in the area, new businesses find it significantly easy to invest in the market to harness the rich business environment created by the numerous successful investments. The city and its environs have been branded as a conducive and affordable place to live and work in, therefore drawing more people into the area.

 

Philadelphia is one of the few cities in the US which have a vibrant market for businesses and products. The city has been branded as an all-inclusive place where businesses flourish owing to the exemplary and conducive environment created by the state government’s business-friendly environment and legislation. All these factors come into play to make the city a suitable place to base a startup investment with high prospects of success in the long run.

 

Brett Clawson is a business owner and entrepreneur with over 10 years of experience. In his free time, he enjoys writing and learning about emerging business trends.

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