A new report is helping founders answer one of the biggest questions in business: where should I start my company? The Advancing Regional Innovation Economies (ARIE) study, produced by the Nasdaq Entrepreneurial Center with support from JPMorganChase, ranks the metro areas best positioned to help entrepreneurs succeed based on income levels and the number of businesses created.
Albany and Austin Lead the Rankings
According to the report, Albany–Schenectady–Troy, NY tops the list, followed by Austin–Round Rock, TX; San Diego–Carlsbad, CA; San Francisco–Oakland–Hayward, CA; and Pittsburgh, PA. Shaolee Sen, who runs small-business philanthropy at JPMorganChase, said the strongest cities share a common trait: they make it easy for entrepreneurs to access real estate, talent, capital, and customers. She pointed to Columbus, New Orleans, and Minneapolis–St. Paul as standout examples, noting that Columbus benefits from a tightly connected ecosystem anchored by Ohio State University’s research strength and a diverse customer base.
Talent Pipelines and Local Partnerships Matter
Sen emphasized that strong cities build lasting relationships between employers and local schools, including community colleges and apprenticeship programs, to create steady pipelines of skilled workers. She also highlighted a growing trend of employee ownership models, which allow retiring business owners to keep companies local while building generational wealth for workers.
For founders just starting out, Sen’s advice is straightforward: seek feedback early, build relationships with mentors and local lenders, and remember that funding isn’t limited to cash. Technical assistance, shared back-office services, and smarter capital structuring can be just as valuable as new dollars for entrepreneurs building sustainable businesses.