The Economist recently reported that while overall business formation is down nationwide, fast-growing startups are in high gear. These fast-growth new businesses or “gazelles” have disproportionately positive impact on employment & economic growth, and are no longer limited to Silicon Valley, Boston, and New York.
In fact, the Charleston metro scores as one of the highest-growth entrepreneurial hotspots in the U.S., based on entrepreneurship data from the U.S. Census Bureau and Kauffman Foundation. The report measures:
- How quickly startups grew in their first five years
- The share of firms growing beyond 50 employees in their first 10 years
- The prevalence of ‘fast growth’ businesses, with a 20% annualized growth rate over three-years and $2 million in revenues
The presence of gazelles in Charleston highlights the influence and hard work of strong founders, the efforts of entrepreneurial ecosystem players like the Charleston Digital Corridor and Harbor Entrepreneur Center, and the continued influx of dynamic young talent – from our local colleges and universities and from outside of the region – attracted to the quality of place and economic opportunity here. The region’s entrepreneurial ecosystem continues to mature and attract increased investment.
To read the full report, visit The Economist.
Want a closer look at what’s happening in Charleston, and learn from leading brands, scalable startups, and top investors? Attend DIG SOUTH April 25-27 and be sure to put the “Investing in the South” breakout session, sponsored by Charleston Regional Development Alliance and Charleston Open Source, on your schedule.
Charleston Open Source is a tech recruitment initiative started by the Charleston Regional Development Alliance to market the region and recruit top tech talent
Find out more about tech jobs in Charleston by visiting charlestonopensource.com.
Guest contributor: Steve Warner, Charleston Regional Development Alliance