What do we think of when we say “up-and-coming cities for startups?” Austin? Raleigh? Even Seattle?
While a lot of these places have been great in hosting a rise of companies, that growth has also made living more expensive across the board. In return, budding entrepreneurs have been looking for a new locations to call home, with states like Maine being at the forefront.
What makes Maine such an intriguing prospect is it’s such an untapped market. Cities like Portland are an hour or two away from the thriving tech and educational foundations of places like Massachusetts and New Hampshire, as well as hosts to an incredible cultural scene. And while it might be a far cry from Silicon Valley right now, expect the Pine Tree state to be at the forefront of tech city conversations over the next few years. Here’s why:
It’s Social Dynamics Are Changing
Maine is aiming to become an economic center for the Northeast. And while that might be hard in comparison to the tech hub of Boston or insurance capital of Rhode Island, the state is quickly coming together with plans for growth. With the recent campaigns for the progress for Maine, expect things to catapult quickly within the next few years.
Access To Capital
The New England region has been a tech center for a number of years, with Boston being at the forefront. According to CityLab, the Boston metro area has a 9.54% share of the total venture capital invested in tech firms for 2016. And as only a few hours away from Beantown, Maine has quite a bit of access to the capital invested there.
Their Government Is Actively Involved in The Startup Community
In trying to develop a better startup community, Maine’s government has been putting funding into angel and seed round funds. Furthermore, as noted by NerdWallet, a big thing the government has done is started to give tax credits to investors in startups, which has been a tremendous boost.
Tourism Has Brought People In, Now They’re Gearing Towards Staying
It’s no secret that Maine is an incredible hotspot tourist destination. According to the Press Herald, Maine tourism saw a 6% increase in tourism from 2015 to 2016, citing its natural beauty, restaurants, and culture. Taking these bedrock attractions, the state is now looking to utilize them into getting more companies to set up shop in the state.
It Has The Perfect Blend of Mountains and Oceans
A rare feat in the world of natural beauty, Maine is both home to the Appalachian Mountains and Atlantic ocean. The combination of these two alone is incredible, and have been known to be attractive features of startups looking for homes off the beaten path.
Portland Is Becoming a Young Person’s City
If you’re not familiar with Portland, then I highly suggest you read up on how amazing of a city it’s become, especially for young people. As noted by Data USA, the average median age clocks in around 36.4, which is only getting younger.
Access To Great Schools
One of the most impressive regions for education has to be New England, which as any former startup CEO will tell you, is a crucial aspect to developing a team. Currently, there are over 235 colleges or universities in the region.
Small Businesses Are A Stable Part of The Economy
Maine is an excellent state for small business, with numerous firms calling it home. According to the Small Business Association, 96.8% of Maine businesses are a small businesses, making it one of the most prominent spots for startups to call home.
Their Food Culture Is Incredible
If there’s one thing about Maine that’s always remained spectacular; it has to be their food culture. With lobster as the hub, the state’s production of the crustacean has absolutely exploded, more than doubling in five years. Plus, with the influx of people moving all over to places like Portland and along the coast, Maine is quickly becoming a hotspot for artisanal cuisine.
The Cost of Living Is Relative To Other Areas
One of the biggest factors in taking a startup to a state has to be the cost of living. As places like New York and Silicon Valley have become increasingly expensive over the years, more companies are looking to find new homes in less expensive states, with Maine coming in at a relatively healthy cost of living. According to MIT, Maine’s average cost of living clocks in around $10.88 for one adult, a far cry from the $16.01 required in San Francisco.