Philadelphia is known as the city of brotherly love and has a distinct culture of its own. For the first time in 25 years, the job market in Philadelphia has outperformed New York City’s and it is expected to be the 21st century tech capital of the world. With a remarkable GDP of $338 billion, Philadelphia ranked ninth in the world and fourth in the U.S. The Philadelphia startup scene is growing super-fast and becoming more diverse with each passing day. With an abundance of new funding options available, and young talents demanding alternative work cultures and spaces, Philadelphia is turning into a destination that more and more startup companies are getting enthusiastic about.
If you’re an entrepreneur looking for the top talent, affordable space, vibrant community, and easy access to East Coast destinations, this economically rising city has so much to offer. Philly is unquestionably going to be the next major innovation hub, not just in the United States but across the entire globe.
What’s Exactly Happening in Philadelphia?
Philadelphia is getting the spotlight as an inexpensive creative hub for American ingenuity. By sheer volume, Philadelphia is the country’s fifth-largest college town with more than 34,000 students enrolled in the local colleges and universities. The city’s talent pool is overflowing with brilliant, driven-minded, and experienced professionals being educated at some of the best universities in the country. The region’s growing economy, geographic location, and infrastructure have earned the city a string of major events over the past few years and still continue to put it over the top. The rich culture, ample opportunities for entrepreneurs, accessibility to robust resources and the affordable workplace has created a thriving environment for the Philadelphia startup scene and it has climbed up the list of best cities for tech companies and startups and will continue to explode over the next decade. This is about time you should consider joining this movement and relocating to Philadelphia to try your luck.
Reasons Why Philadelphia Should Be Your Next Startup Destination
Philadelphia offers a huge list of benefits to ambitious entrepreneurs and startup founders. Here are some reasons to bring your startup to Philly as soon as you can.
Philadelphia is home to many prestigious institutions like the University of Pennsylvania, Saint Joseph’s University, Temple University, The College of Philadelphia and the list goes on. Long gone are the days when students used to flock to California, Network, Chicago, and other big cities to start their careers. Now the majority of young talents are making Philadelphia their permanent home. The market is oversaturated with potential employees which is why the city is ideal for startups seeking talented workers with fresh perspectives trained by the best educational institutions in the country.
Philadelphia provides great networking and flexible coworking spaces for people who prefer to work alone such as freelancers, solopreneurs, startup launchers, and business travelers. In 2019, the Philadelphia job market reached 1.1 million square feet and by 2030, 30% of the U.S office market will consist of a flexible workplace. Coworking space allows the collaboration, capital savings, and flexibility that’s essential for startups to grow. It is also a great way to be more productive, seek help from others, and get rid of the feeling of loneliness. The coworking offices like Walnut Street Labs, Bond collective, City CoHo, 1776, Indy Hall, and Cambridge Innovation Center are ideal choices for startups flourishing on partnerships and cost savings.
If you think that corporate support for startups is not enough for you, the city has got your back. Government and non-profit organizations provide financing and incentives to the promising startups and qualifying businesses looking to expand and grow in Philadelphia. In 2012, the city’s mayor Michael Nutter laid the foundation of “Startup PHL” to support small businesses and budding entrepreneurs within the Philadelphia community and make them as successful as possible.
In the first four years, the program launched and provide resources for nearly 1,000 businesses and even provided money to several organizations helping startups to flourish. Furthermore, there are PIDC programs, State programs, and Federal programs that provide a range of adaptable financing solutions.
There are a plethora of opportunities in Philadelphia to get your business before the right audience. Pitch events are frequently held in Philadelphia throughout most of the year. There is a pitch competition by the name of “Stellar Startups” hosted by Philadelphia Media to highlight new startups in the region’s budding entrepreneurial economy, along with a panel debate on the city’s pros and cons as an evolving business incubator. Another popular pitch competition is Startup Pitch Day hosted by PNC Bank and Philadelphia Startup Scene Leaders to connect startups with bank officials. Then, there’s the Innovative Idea Pitch Competition that’s been happening successfully for over 20 years now as well as an annual competition hosted by Philadelphia’s Veteran Network similar to “Shark Tank”.
Companies on the Rise
Philadelphia has 27 of the most successful and fastest-growing new companies in the United States. There are currently 14 Fortune 500 Companies in Philadelphia. The headquarters of twelve companies are located in Delaware Valley, 4 of which are in Philadelphia proper. Fortune 500 Companies include Colonial Penn, Sunoco, CIGNA and Lincoln Financial Group, Aramark, Comcast, and Crown Holding Incorporated, FMC Corporation, Wyeth, Rohm, Pep Boys and Hass Company, and GlaxoSmithKline.