Austin Named Among the Best Cities for Young Entrepreneurs

Millennials have been characterized for their idealism, optimism and innovation. The qualities that make them a unique generation also inspire many of them to become business owners. In fact, in 2011 alone, the U.S. Chamber of Commerce Foundation statistics shows that there were almost 160,000 startups launched every month. Recently, NerdWallet created a list of the best cities for young entrepreneurs to start small businesses. Austin ranked in the top 10 based on factors that are considered ideal for the success of a fledgling concern.

NerdWallet looked at which cities provide abundant resources to funding, mentorship, networking opportunities and affordable living. Factors in the survey are considered to be those that provide the best chance of success for startups. In the NerdWallet report, Sreekar Jasthi states, “Austin is increasingly becoming known as a hotbed for startups, especially tech companies. The city boasts a young, growing and well-educated population, as well as a low cost of living and unemployment rate. Austin also offers many local resources for budding entrepreneurs, such as the Small Business Development Program.”