If you're looking for a great place to start your startup, look no further than Indiana! Forbes Advisor ranks Indiana as the top overall best state to start a business in 2023 and we agree! Indiana is home to an abundance of resources and cost-effective living options that make it the perfect place to get your business off the ground. In this blog post, we'll take a closer look at our top five reasons why Indiana is the best state for startups.
1. Cost of Living
Indiana is an excellent state for entrepreneurs, as it offers numerous advantages that make it the ideal place to get a business up and running. From its affordable housing prices to the low taxes and fees that come along with owning a business, Indiana offers entrepreneurs the opportunity to keep their costs down.
2. Programs + Venture Capital Support
The Hoosier state has a business-friendly environment that encourages entrepreneurs. The state offers numerous assistance programs to help entrepreneurs succeed, such as grants and loan programs. These programs are designed to provide entrepreneurs with the necessary resources to launch their businesses and achieve success. The government offers support to budding entrepreneurs through programs such as the Indiana Small Business Development Center. This program helps entrepreneurs access capital and assistance with launching their businesses. Elevate Ventures is a state-backed venture capital firm based in Indianapolis that focuses mainly on Indiana-based startups and typically invests in a few such startups each month.
3. Network of Mentors
Indiana is home to a thriving entrepreneurial community that provides mentorship opportunities for startups. This network of mentors can provide invaluable advice and support that can help entrepreneurs navigate the complexities of launching and growing a business. Indianapolis and South Bend both have a thriving startup scene that offers numerous opportunities for entrepreneurs to network and collaborate with one another. There are countless incubators and accelerators that offer resources, mentorship, and more.
4. Diverse Economy
Indiana has a strong and diverse economy, with many industries that are ripe for entrepreneurship. The state is home to major manufacturing, healthcare, and logistics companies, among others, which means there are plenty of opportunities for entrepreneurs to fill in gaps in the market or create new products and services that can serve these industries.
5. Academia
Indiana is home to several major universities and colleges, providing a wealth of entrepreneurial resources. These institutions offer classes, workshops, and programs to help entrepreneurs learn the skills they need to start and grow their businesses. Additionally, many of these universities and colleges have startup incubators and accelerators that provide mentorship, funding, and other resources to help entrepreneurs get their businesses off the ground.
There are plenty of reasons why Indiana is a great place to start your next startup. With its cost-effective living options, assistance programs, and network of mentors, Indiana provides entrepreneurs with all the resources they need to get their businesses up and running!
Looking to bring your startup to Indiana but need a stronger foundation of entrepreneurship knowledge? Foster your entrepreneurial mindset and build your business through ESTEEM, Notre Dame's program that strengthens entrepreneurial skills and helps professionals create within Notre Dame's Innovative Sandbox. Whether it's through acquiring venture capital at McCloskey, working on your startup as a Capstone project, or working with the Notre Dame network for mentorship, this program offers many ways for you to build your business!