There are some incredible advantages to starting a company in Indiana. The leadership of entrepreneurs is a tight network of people who are trusted and proven. I've spoken about Indiana and Indianapolis as being a prime location for a company to start a business. The people are well-educated and hard-working. The real estate is still one of the most stable markets in the entire country.
If I were going to start a business, Indianapolis is the place I want to be! Commercial real estate is inexpensive and the state and local governments are both pro-business.
Is that enough to start a business, though?
Starting a business requires funding. Does Indiana have it?
The 21st Century Fund focuses on entrepreneurial ventures that have demonstrated a market potential for commercialization of innovative technologies.
Some critics argue that, although software and technology seem to have the most employment growth, that bio-technology is attracting the most funding. One reason might be the local connections that bio-tech have in the University system. I hope this isn't the case – I hope that this funding is going to the ideas with the greatest opportunity.
Outside of the 21st Century Fund, there aren't a lot of options. Private funding has an advantage over Venture Capitalist funding since it typically comes with less strings attached. However, private funding continues to dip into the local entrepreneurs who have funded other startups… and funded… and funded… and funded. It feels like everyone keeps going back to the same well over and over.
The state of Indiana has 2 billionaires. A friend shared with me today that Orange County, California has 8 billionaires worth over 28 billion dollars. That's quite a difference, and surely impacts the ability for local startups to get funding.
So – the question isn't always where the best place to start a startup. The question may be where is there funding to fund your startup! It may be time to invest much more in the 21st Century fund if you wish to keep to keep entrepreneurship alive here locally!