On October 4, 2018 our CEO Khai Tran spoke at the Governor’s Conference discussing the $500M Venture Capitalist fund governor suggested, Economic Development, and strategies to attract startups to your city. Governor Philip D Murphy announced a $500M Evergreen Fund that will be used to bring startups to New Jersey. Murphy plans to raise $250M via state tax credits and the remainder $250M will be matched dollar for dollar with Venture Capitalist money. At this time, there is no official date for when this fund would be available and how it will be used.

And why does New Jersey want startups to come? Startups are most likely to be flexible with relocating or opening a second office without too much bureaucratic red tapes. They also grow fast and hire fast. That mean startups are more likely to provide high job growth over a shorter period of time than traditional small businesses. Startups are also fun seeker and tend to spend more time outdoor and roaming their city. Having a large body of startups will usually translate to more foot traffic and in turn turn the city into a natural magnet for retail and entertainment to follow.

New Jersey isn’t the first city to attempt attracting startups. Here are the top cities in USA in terms of startup growth. 

  1. Atlanta
  2. Seattle
  3. Chicago
  4. Boston
  5. Dallas
  6. San Diego
  7. Minneapolis
  8. Austin
  9. Los Angeles
  10. Philadelphia