What Factors Make Boston a Great City for Business?

Boasting a rich history, vibrant culture, and trend setting mentality, Boston has plenty to teach the rest of the country about living well. But from an economic perspective, Boston is also an undeniable leader. With unemployment rates down to 4.8% as of February 2015, Boston is not only one of the most iconic cities in America, but is also one of the most favorable to bring your business. But what exactly makes Boston such a promising location for ideas and industry? I reached out to some of the local businesses, ranging from large companies to local shops, to find out.

1. Intellectual Prowess

“The extensive higher education network brings a huge population of the brightest minds to Boston and also insulates the local economy.”

– Oliver Mak, co-founder and owner of Bodega

“Boston is home to some of the most educated people in the country and the clientele and professional talent reflect it.”

– David Wilkinson, Boston Family Lawyer

The first thing that comes to mind when you think of Boston is undoubtedly education. Be it Harvard, Boston College, or MIT, it’s no secret that some of the most well-known and influential colleges exist in the city and attract some of the sharpest minds the country has to offer. In fact, Forbes named Boston the smartest city in America with 44.8% of the population having a bachelor’s degree or higher. With such a solid foundation of intellectuals at its base, Boston will always have a bright future ahead.

2. Unique Collection of Neighborhoods

“Boston offers the utmost of intellectual cool and funky areas to explore and set up shop. Each neighborhood has its own, unique culture and focus area. For example, the newly developed waterfront area is a great mix of offices, food and entertainment; Cambridge is home to some of the top pharma firms in the world; Longwood area in Boston equals medicine, and the outskirts such as Burlington and Waltham attract a wide variety of high tech, robotics as well as traditional firms as well.”

– Vanessa DiMauro, CEO of Leader Networks, Keynote Speaker

“It’s essentially a small city- easy to network and get to know people!”

– Joanne Chang, owner of Flour Bakery

Although many metropolitan areas are distinguished by high-rises and the excitement of downtown life, Boston is defined by the diversity and strength of its individual neighborhoods. Each neighborhood has its own unique vibe and specialty meaning that there is something for everyone. Whether you are an intellectual, entertainer, entrepreneur, or fall somewhere in between, Boston offers the opportunity to find a niche to help you succeed.

3. Start Up Opportunity

“For starters, we are a city that is dedicated to innovation and the startup community. From the mayor’s office to the greatest colleges in the world, to a thriving venture capital eco-system that is NOT just tech focused, Boston has established itself as a powerful city to start your business.”

– Jeff Avalon, VP of Business Development at IdeaPaint

“For a technology company like ours, Boston is nowhere near as expensive in terms of rent for our company and cost of living for our employees than a place like Silicon Valley. Despite this, there are just as many smart and talented people in this city. The access to capital in terms of venture and private equity is easier in Boston compared to most major cities, as most VC and PE firms are located (or have major offices) in Boston.”

– Greg Raiz, CEO of RaizLabs

As stated above, Boston has a number of advantages for businesses of any size. As a compact, bustling city, Boston is set up for success with adequate public transportation, good food, and intelligent citizens. However, the real secret is Boston’s lower cost real estate. Although this is a recent trend over the past few years, it makes for a very attractive place to bring business.

4. Sports and Community

“Winning sports teams, of course! Boston is a small city in terms of physical footprint, making just about everything very accessible via public transport, walking, or biking. It’s also a very young city because of all the colleges and universities here in town, and this provides for a great vibe -- there’s always something to do.”

– Greg Raiz, CEO of RaizLabs

In the United States, sports are a religion and Boston is the center. Whether you like it or not, sports have the power to connect people from every gender, age, ethnicity, and background under a common idea. With a number of historically dominant franchises and college teams as well as some impressive supremacy in the past decade, Boston offers an attractive sports culture. Not only does this provide a unique sense of community, but it also drives entertainment and leisure centered businesses.

Plus, it never hurts when your team is winning.

Aside from factors listed above, a city must attribute any level greatness to the people in it. Each of the business owners and members that participated were gracious enough to give their time and answer a few questions which alone speaks volumes about the quality and generosity of the Boston community. For residents and visitors alike, Boston is one fantastic place to be.

Read the full interviews with the business owners here.