Emerging startups could create up to one million new jobs per year in the U.S.
That’s according to new data found by TechNet and the Progressive Policy Institute. The two companies teamed up to determine the top 10 emerging startup hubs in the U.S., with Philadelphia being one of them.
“Start-up activity has burst out of the tech hubs and is really spreading across the entire economy,” said Progressive Policy Institute’s Michael Mandel in an Axios article. “You’re starting to see the new green shoots come up in a lot of areas.”
Startups are vital to growing the economy; data from 2014 shows that companies within their first 5 years created 2.2 million jobs while those older than 5 years created 450,000 jobs, showing that startups create more employment opportunities for their community.
In 2016, Greater Philadelphia was named a Top 20 Global Metro by Venture Capital Investment, positioning the region as an emerging global destination for startups and investors alike.