Every year, 21,000 New Businesses are formed in the Twin Cities. That’s about 1,750 per month, 403 each week, 80.7 per day, and 10 per hour! These entrepreneurs will spend in excess of $215 million annually launching their enterprises.

Our readers come from a monthly list of recently registered business entities from the Minnesota Secretary of State’s office.

  • 85% of them are state filings by individuals.
  • 15% are existing businesses that have launched a new product or service, have bought another company, taken on a new partner, or need a new entity for another reason.
  • 23% of new businesses begin with an employee.
  • 48% of new businesses are owned by women, minorities and veterans.
  • Half of all new business survive for five years or more. One-third survive 10 years or more.
  • They all have specific strengths and skills. And as a group, “They don’t know what they don’t know.”
  • They are prone to doing it themselves, until they find there is a better way.
  • They are open to seek advice from other business owners and experts they have been introduced to.

New Business Are Everywhere

The entrepreneurial spirit is alive and blooming throughout Minnesota. Each year more than 55,000 fillings are made with the Minnesota Secretary of State’s Office for new and expanding businesses. Roughly 85 percent are individuals launching a business and 15 percent are existing businesses that are adding a new product or service, acquiring another business, bringing on a new partner.

Here is a map of Minnesota showing the exact location of all the filings in 2014 for all domestic Assumed Names, Limited Liability Companies and Corporations. Excluded are businesses register by out of state companies.

Here is a map of all the new business filers in the Twin Cities served by New Business Minnesota in 2014. Since 2007, we have served more than 190,000 entrepreneurs. This map looks like a petri dish with a serious outbreak of opportunity.

Measuring Minnesota’s Entrepreneurial Spirit

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.

Tier I – Leading Entrepreneurial Cities
Tier II – Leading Entrepreneurial Cities