Newark Ranks High On List Of ‘Best Cities For Entrepreneurs’

NEWARK, NJ — Newark ranked high on a new list of the “Best Cities for Entrepreneurs.”

To determine the best cities, listing platform RealtyHop scored the nation’s 100 largest cities based on their labor market, economy, funding opportunities, policies and housing affordability.

Newark ranked as the 12th best city out of 100, researchers said.

What was the focus of the study? According to researchers:

“Eager entrepreneurs often wonder where they should go to start their business. For those in tech, for instance, moving to the Bay Area seems like a no-brainer. However, the cost of living could potentially outweigh the benefits, especially if you expect the business to be in the red for a few years. For those who focus on creating local businesses, the resources, including talent and government incentives, as well as how robust the business scene is, could make or break one’s dream. To help motivated entrepreneurs identify the best city to start their business in, we reviewed the country’s 100 largest cities and scored them based on their labor market, economy, funding opportunities, policies, and housing affordability, then ranked them to find which cities are the best for entrepreneurs.”

Newark rated especially well in “Funding” (7th-highest) which includes the yearly average amount of funds invested by VC, and the percentage growth of VC funds invested in the past decade.

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The top three cities on the list were Fremont (California), Lubbock (Texas) and San Francisco (California). Another New Jersey municipality, Jersey City, ranked sixth-highest on the list.

See the full study and learn about its methodology here.

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