Finding Your Startup Niche in Minneapolis
Minneapolis, the larger of Minnesota’s Twin Cities, carries with it a privilege that one can utilize business wise. As the organic home to the most significant number of Fortune 500 companies than any other metro area in the United States, one can conclude that the city produces giant corporations and successful enterprises.
Amazingly, Minneapolis’ economic climate created a business ecosystem that equally benefited both local and interstate entrepreneurs. Last year’s 40 percent rise in startup investments bolsters the city’s recognition as the Midwest’s top entrepreneurial hotbed outside of Chicago.
So, if you are all set for a new business venture, look for the best office space Minneapolis has to offer. Not only would you be situating your startup in a thriving business ecosystem, but other successful entrepreneurs would also assist you through mentor ship and ongoing support systems.
In addition to establishing Minneapolis as a definite choice for your startup, it would also help you to identify the sectors or lines of business that have more opportunities for success and mentor ship.
The sheer collection of large corporations in Minneapolis provided the perfect backdrop for many startups’ development of IT and B2B enterprise solutions. The need for tech-enabled solutions includes software for banking, health care, retail, and manufacturing. It also helps that Minneapolis’ skilled workforce gets fueled by its comprehensive university and college systems.
While Silicon Valley remains as the nation’s top talent pool for engineering and software development, a gradually growing number of today’s fresh tech talents are choosing to go home to the Midwest. Many of them saw inspiration from the flurry of developing tech-enabled solutions from startups that began in abandoned warehouses near Minneapolis’ Target Field.
That should pretty much give you a definite direction on where to find the ideal office space Minneapolis has for a tech-based startup. At the same time, you now know where in Minneapolis would you most likely meet and establish partnerships with the most prominent players in B2B solutions.
Food and Agriculture
Long before the fame brought by Fortune 500 companies and top businesses, Minneapolis and the Twin Cities area had food and agriculture as its economic cornerstone. Its location in the Land of 10,000 Lakes and bisected by the Mississippi River ensured a constant natural supply of freshwater for irrigation.
Innovations are still ongoing in the food and agriculture sector, led by anchor organizations and at least five of the world’s biggest food and agriculture companies. With such business partnerships available from these well-established companies, you would not go wrong to be an entrepreneur in any similar line of business.
As the birthplace of Clarence Walton Lillehei, the father of open-heart surgery, it was only natural that one of Minneapolis’s most active sectors is health care. The span from 2013 to 2017 alone raised over $2 billion from startups in the health sector. This trend continues to uphold the Twin Cities area and the state of Minnesota as among the top ten healthiest places in the US.
Robust development by startups is ongoing, specifically in the digital health, biotechnology, and medical device sectors. Entrepreneurs benefit greatly from leading health-care companies as they provide funding, partnerships, and talent cross-pollination.
The above suggests the most trending sectors of Minneapolis’ growing entrepreneurial ecosystem where you can most likely succeed. While that is due to the presence of industry leaders and established startup players who can guide, train, and even fund your business, any line of business can still be successful. Who knows, you could become one of the key players that the city might be looking for in a new line of business.