To determine places with the youngest business founders, LendingTree compared the age of founders when they launched their businesses in the nation’s 50 largest metropolitan areas.
Philadelphia is in third place, up eight spots from last year. The average age of business founders also fell compared to last year, falling from 39.03 to 37.9.
The study also found that cities with younger entrepreneurial populations often have lower living costs. This reduces some of the expenses of starting a new business and lessens the risk for budding founders.
In Philadelphia, for example, the median rent is around $2,700 cheaper than that in San Francisco.
“There’s always a risk for an entrepreneur,” said LendingTree research analyst Derek Miller. “But when the cost of living isn’t as high, many young people are willing to take that risk.”
Cities with younger entrepreneurs also have a rich talent pipeline from area schools that are often home to entrepreneurship programs, accelerators, and incubators that provide support for future business owners in and out of the classroom.
Read more about the study at the INC.com by clicking here.
You Might Also Like