Number of Startups in Pennsylvania Soars
The latest ranking of top startup fund seekers published by Gust puts Pennsylvania in fifth which is a huge jump from 2015 when it was well outside the top ten, writes Jonathan Takiff for Philly.com.
The list also highlights the giant gap between the top two states, California and New York, and the rest of the list. In 2016, they were home to 20.6 and 17.2 percent of startups respectively, while Pennsylvania only had 4.4 percent.
However, it is important to note that just because a venture is listed on Gust, does not mean it has received funding. In fact, out the tens of thousands of profiles listed on the site, only 1,800 of them found funding last year. This has been frustrating for startup owners who are finding that prominent venture-capital investors tend to focus on established areas.
Gregor Hanuschak, founder and developer of Philadelphia’s Smack Innovations is still waiting for support for his SafeConnect idea on Gust. This is a clip-on module for steering wheels on older vehicles that provides features such as hands-free calling.
“Gust sends me alerts when people look at my page, and one investor has asked for a term sheet,” said Hanuschak. “But so far no takers.”
Read more about the ranking at Philly.com by clicking here.
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