We love our data here at UpTech and Powderkeg dropped a whole lot of it this morning with the release of the 2018 Cincinnati Tech Census Report. At nearly 30 pages of drool-worthy insight we can’t help but recommend you read the whole thing, but for those with little time, here are a few key takeaways we want to share with you:
Greater Cincinnati is Affordable for Startup Founders
#WhyCincy? Three out the five top reasons are directly related to affordability. Affordable cost of living, affordable office space and affordable talent. Number 1 on the list was ‘My social network resides here’ in Cincinnati. Check some other reasons why to start your business in Cincinnati.
Cincinnati is all about Community and Collaboration
When asked “What word or phrase best describes the Cincinnati tech community’s core value?” Community and Collaboration were by far at the top of the list. We couldn’t agree more and is a huge bonus to any startup that goes through a program in Cincinnati.
Although we are Inclusive, we lag in Diversity
The values of community and collaboration lead to our inclusive startup environment; however, this has not translated into diversity. Regionally we still have a lot of work to be done to foster and develop talent that is truly diverse.
A Region of Resources to Get Started, but…
Startups have a plethora of programs and mentors to help them get started. This enables us to foster and attract startups at the earliest stages to our region. The challenges we still face are how do we support startups that are in their growth phase where they need significantly more capital, customers, and experienced talent. If we can solve these then we’ll be in a better position to retain talented startups and see more success in our region.
Industry Focus in the Future
The region sees future regional startup success in Biomedical / Health, Marketing & Sales Tech, E-commerce & Retail Tech, Logistics / Transportation / Distribution and Information Technology. We’re excited to be a part of that future with our partnership with St. Elizabeth Healthcare and we have some things in the works to address some of these other industries. Stay tuned.
We’re at a tipping point and we’re bullish that we’ll tip in the right direction. The quality of startup founders in terms of maturity, skills, and experience grows annually. The programs, mentors and service providers are seasoned and are helping to drive better results. Yes, we need more investment capital, more diversity and we need more meaningful exits, but we’re seeing signs that all are imminent. We’re looking forward to continuing our work at UpTech and do our part to inspire startups and to inspire the community.