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Atlanta Ranks Eighth in WalletHub’s Best Large Cities for Startups

City skyline of Atlanta showcasing a busy business environment

News Summary

Atlanta has proudly secured the eighth position in WalletHub’s recent ranking of the best large cities for starting a business. This recognition highlights Atlanta’s strong entrepreneurial environment, surpassing major competitors such as Dallas and other cities. The ranking evaluates factors such as business survival rates and office affordability. Notably, Atlanta is home to significant corporations and a thriving local business scene, which contributes to its standing as a favorable destination for entrepreneurs.

Atlanta Ranks Eighth in WalletHub’s Best Large Cities for Startups

Atlanta has been recognized as the eighth-best large city in the United States for starting a business, according to a recent ranking by a personal finance website. This accolade places Atlanta ahead of Dallas, Texas, and 98 other cities, solidifying its status as a prime location for entrepreneurs.

Evaluation Criteria

The ranking by WalletHub evaluated cities based on several factors, including five-year business survival rates, labor costs, and office space affordability. These criteria are essential for determining the health of the business environment in each city.

Top Competitors

Leading the list is Orlando, Florida, which boasts a high rate of investor availability and an increasing working-age population, making it fertile ground for startups. Atlanta achieved an overall score of 59.16, ranking 14th in business environment, 16th in access to resources, and 48th in business costs.

Notable Corporations and Local Businesses

Atlanta is home to major corporations, including Delta Air Lines and Coca-Cola, which contribute to a vibrant business community. The city also features a variety of local businesses that enhance its entrepreneurial landscape, such as:

Mary Mac’s Tea Room
The Spotted Trotter – a charcuterie butcher shop
The Collective at Krog Street Market – a craft and vintage gift shop
King of Pops – known for its dessert offerings

Startup Support in Georgia

Three Georgia cities have been recognized for their supportive startup ecosystems. In a broader survey aimed at determining city support for startups, Atlanta ranks 6th overall, benefiting from initiatives such as the Advanced Technology Development Center (ATDC) and a burgeoning number of startups, mainly in marketing, software, and hardware technology.

Other cities in Georgia include:

Savannah, which ranks 17th with a growing focus on logistics and creative tech.
Athens, ranking 40th and noted for its supportive startup environment stemming from the University of Georgia and its affordable living costs.

Success Stories from Atlanta

Recently, entrepreneur Monica Williams won $1 million for her startup, RedDrop, which specializes in period care kits for girls. This achievement highlights the entrepreneurial spirit in the city, particularly during events aimed at supporting diverse founders.

Other entrepreneurs in Atlanta received funding through similar competitions, showcasing the potential for innovation and growth in the area:

Tahir Murray, awarded $25,000 for his HBCU clothing brand.
Cloe Guidry-Reed, who secured $75,000 for her vendor management platform.

Investment Trends

Atlanta’s startup ecosystem continues to thrive, evidenced by Flock Safety, a local tech firm that recently raised $275 million in investments, bringing its valuation to over $7.5 billion. This company specializes in security technology and is planning to expand its manufacturing and staffing within Atlanta.

With its supportive environment, access to resources, and a wealth of successful local businesses, Atlanta is solidifying its reputation as a prime destination for entrepreneurs and business startups.