Minnesota is home to 17 of the 500 largest companies on Fortune’s list. With this massive number of thriving companies, it’s safe to assume that there is something lucrative in the region. Many are wondering what moved and attracted these business giants to the area.
The number of businesses investing in Minneapolis is still rapidly increasing. If you search for “office space in Minneapolis” on the Internet, you can see that these office spaces are selling like hotcakes! Local studies revealed that the reason why these Fortune 500 companies invested in Minneapolis and Minnesota is that many people in the region are skilled and willing to help companies grow.
Factors Affecting Minneapolis’ Business Conduciveness
Early this year, Minneapolis was named as one of the top 50 US-based cities to start a business. The city claimed the 21st rank, with its strong density of multi-million companies helping smaller companies as the main reason. Aside from that, access by new businesses and startups to venture capital was also cited as another reason for new companies to flourish in the region. It was also revealed that the rate of venture capital allocated for startups rose as high as 40% this year.
Minneapolis as the New Business Destination
Aside from being one of the 15 most affluent cities in the entire US, Minneapolis is also the second-largest economic center in the state. The region’s economy is already richly developed, from health care, trucking, and education to high technology, commerce, and finance.
If you want to develop your new business in the city, you have access to the best resources available to you. And since the economy is already on a high level, you can expect small to big businesses to bloom quickly. The belief of these businesses for a better economic future in Minneapolis is one of the significant reasons why it’s quite tough to look for vacant office space in Minneapolis.
Aside from the economy, the workforce in the region is highly educated and expertly-trained. These people can help you achieve the goals of your business. The employees of the 17 Fortune 500 companies are mostly locally sourced so that you can expect a competitive pool of workforce in the locality.
Most of the well-known and more popular Minneapolis businesses are also located in the metro, creating a conducive climate for raising different kinds of companies.
Advantages of Building Your Business in Minneapolis
Minneapolis ranked second among the countries with the best education system. This means that the city offers a rich pool of highly educated workers. The people that you will hire can significantly help you start, develop, improve, and grow your business. While you provide them with a stable source of income, they also help you secure your business’ financial future.
Wireless Internet in Minneapolis covers more than 60 square miles of the city. The city placed second among the cities with the fastest Internet speed. You can offer your partners and clients a 24/7 connection and access to your business.
On top of these all, the city supports a high-quality lifestyle. The city’s friendliness, well-educated workforce, healthy population, and clean environment all make it one of the most business-friendly and most livable cities in the entire United States.