Have you thought about creating your own technology company? Silicon Valley isn’t the only place in the United States that holds great promise for you. The reality is, Washington, D.C. is a thriving entrepreneurial hub that has drawn many startup aspirants over the years, according to business expert Brian Ferdinand in a recently released article. Here some major reasons why Washington, D.C., has emerged as one of the most in-demand cities for startup creators.
Washington, D.C., Versus Other Cities
In a recently published article, Brian Ferdinand, who is the managing partner of CorpHousing Group, emphasizes that one of the major advantages of running a startup in Washington, D.C., is that the United States’ government is based there.
Because the government is present in Washington, D.C., the area’s economy is extremely steady. The nation’s capital generally doesn’t have the economic swings that many other areas struggle with, which is why many entrepreneurs are drawn there. In addition, billions of dollars from the government are spent on research and development locally each year, further adding to the economy’s robustness.
Another perk of operating a business in Washington, D.C., is that the government is essentially a large customer. So, if you have a business product or service that government workers or agencies might find useful, you have great potential for success in the city.
Washington, D.C., Attracts and Breeds Entrepreneurs
Washington, D.C., features a continual flux of well-educated individuals. Some of these people appear in the nation’s capital for a short period of time. For instance, they may live there during a four-year presidential administration. Or, they may be called to Washington, D.C., to complete temporary military assignments. Some individuals move to Washington, D.C., simply to call attention to certain issues for a time. Meanwhile, others stay in Washington, D.C. for the long haul.
With the mix of these individuals, you have a dynamic business market filled with people from various walks of life. That’s because the city does an excellent job of both attracting and breeding the brightest minds. So, whether you’re looking for people to hire or to sell your offerings to, you have an eclectic mix of potential employees and customers to target.
All in all, if you set up shop in Washington, D.C., and offer a truly unique product, you increase your chances of launching a business that will flourish in both the short term and the long term.