Best Cities to Start a Business in Connecticut
Despite its highly educated population and a per capita income higher than that of any other state, entrepreneurs have traditionally been wary of building a business from the ground up in Connecticut, owing to the high cost of living and a daunting tax burden, particularly on income from investments, which, at 13%, is the highest in the United States. Its reputation as a home to established millionaires and massive hedge funds leaves little room for fledgling startups.
Yet, the situation is rapidly changing. Recently, the state’s venture capital fund began a campaign to draw investment from Connecticut’s considerable wealth and put it into business startups in various tech fields in hopes of pumping new life into its economy.
And it’s working: Datto, a data backup company founded by Connecticut native Austin McChord with an $80,000 loan, has recently become the state’s first private company with a value of $1 billion dollars. By avoiding more customary, yet over-congested startup environments like Silicon Valley and taking advantage of state assistance, McChord has provided a blueprint for startup success in Connecticut, one that is sure to be replicated.
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Only cities with over 50,000 inhabitants are reported in the results. Some data had to be interpolated to the county level and extrapolated to all the cities in the county. We concentrated on the following metrics to obtain our ranking: Cost of living, Best state for business, Unemployment, Kauffman index, and Universities.
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