Willing to provide the incentives necessary
In order to attract entrepreneurs and businesses, it’s critical to cultivate an environment that welcomes innovation. The best formula for this is a private sector-led initiative that is supplemented with government support.
Companies have to be vocal about their needs, and elected officials must be willing to provide the incentives necessary to attract and retain innovators. Real estate and service-sector businesses have to be prepared to scale to meet the needs of the community as it grows. Word spreads quickly when a city offers incentives and provides the right support system for valuable companies.
The startup momentum has already begun in bigger cities: Young companies are springing up in Detroit and Pittsburgh, where the cost of living is much more reasonable than the sky-high rents of more established startup hubs.
Large pitch competitions, such as 43 North in Buffalo, are offering platforms for companies from all over the world to share their ideas and gain funding in a Rust Belt city. Incubators like YBI in Youngstown, Ohio, and accelerators like Launchhouse in Cleveland offer a means to give a jump-start to following through on good ideas coming out of the region as well.