The top US regions outside Silicon Valley where startups could boom - Business Insider

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These far-flung US regions could become the next big startup hubs as techies abandon Silicon Valley and embrace remote work

It's likely Facebook won't be alone. The coronavirus crisis has demonstrated that much office work can be accomplished remotely. With average salaries considerably lower in other parts of the country than in traditional tech hot zones such as Silicon Valley, New York, and Boston, companies could save money by having more decentralized workforces.

That shift away from traditional tech hubs had already started before the epidemic took hold. In looking at where to set up new offices or find new workers, companies may look closely at regions that already have well-established, thriving tech scenes. Tech entrepreneurs may also gravitate towards these regions as they build their next startup, with the advent of remote work lessening the need to set-up shop in one of the big, traditional tech cities.One way to judge that is to look at the list of states whose startups are drawing in the most venture capital. Every year, the National Venture Capital Association and PitchBook put together just such a list.

Among Colorado's more notable venture-backed companies are education technology company Guild Education and cash-back shopping app maker Ibotta, both based in Denver and valued at $1 billion each.Venture firms invested $2.7 billion in a total of 265 Pennsylvania-based startups in 2019. The state has two main economic centers. Philadelphia is home to Comcast and has long been a hub for the healthcare and financial services industries.

Uber Advanced Technologies Group, the self-driving car technology spinoff of the ride-hailing company valued at $7.3 billion, is based in Pittsburgh. Dynamics, a financial technology startup that's developed a credit card with a built-in computer, is headquartered outside Philadelphia.Florida startups drew in $2.9 billion in funding last year, with 255 companies getting venture backing. The Sunshine State has become a quiet power in the tech industry.

Source: News Formal (newsformal.com)

 

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