A new study shows Madison is one of 35 metropolitan areas around the U.S. with a “thriving startup environment.”
The study, conducted by the Progressive Policy Institute for TechNet, also says as many as 1 million jobs a year could be added if policies are enacted to encourage computer science, entrepreneurship and investing.
According to the report, the U.S. currently has 10 technology hubs, led by San Francisco, San Jose and Seattle. Chicago, at No. 9, is the only Midwest city in the top 10.
Madison ranks No. 26, the study says. The only other Midwest metro areas that earned a spot on the list are: Cincinnati, No. 23; Cleveland, No. 31; Minneapolis, No. 33: and Detroit, No. 35.
Another 25 metro areas are identified as “The Next in Tech,” led by No. 11 Washington, D.C., followed by Atlanta, Denver and Salt Lake City.
It is the second publication in the past month to give a nod to the Madison area for excelling in the tech field. A Brookings Institution report ranked Madison No. 20 in the U.S. for its growth in certain types of tech jobs between 2013 and 2015.
Startups “are the economic engine that drives job creation,” said Linda Moore, president and CEO of TechNet, in the report released Thursday.
In 2014, companies less than 5 years old created 2.2 million jobs, while firms older than 5 years created 450,000 jobs, Moore said, in a news release.
“That’s remarkable, and it means that if we put the right policies in place to support startups, we can create one million new, good-paying jobs each year,” Moore said.
The study calls for adopting a “startup agenda” that includes making crowdsourcing easier; approving tax incentives for investing in local companies; teaching computer science in every school; allowing high-skilled immigration policies that encourage entrepreneurship; and opening access for U.S. exports.
TechNet is a bipartisan network of technology CEOs and top executives.
The Progressive Policy Institute calls itself “a catalyst for policy innovation and political reform,” based in Washington, D.C.