It’s hard to measure the value of new business in Minnesota because they are just starting….in just about every corner of the state. It has been estimated by the SBA Office of Advocacy that the average new business spends upwards of $10,000 to launch. What can determine, for sure, is how many new business filings are made each year in the state.
Leading Entrepreneurial Cities is a program developed by New Business Minnesota to identify cities with a high level of
entrepreneurial spirit across the state. The formula is simple. The New Business Minnesota Index is reached by dividing the population of each city by the number of filings with the Secretary of State’s Office.
We divide the cities into Tier I (Population over 2,500) and Tier II (Population between 500 and 2,500). The higher the number of business filings per 1,000 population, the great the entrepreneurial spirit. Here is what we found in our 2014 rankings.