America's Growth Cities
Robust Healthcare Startup Scene
Minneapolis, Minnesota has worked its way into the upper ranks of America’s best cities for startups, in particular healthcare startups, according to an evaluation done by the Midwest venture capital firm M25 Group. Factors considered were the number of area startups launched, their success rate, access to resources, including capital and talent, and cost of doing business.
The most influential factor, however, was Minnesota’s legacy for health care.
The Mayo Clinic, UnitedHealth, Medtronic, St. Jude/Abbott and other world-class medical centers are based in proximity to Minneapolis-St. Paul, so the Twin-Cities, as they are called, have one of the most in-depth health care communities in the United States. According to the U.S. Bureau of Labor Statistics, over 435,000 people are employed in the health care industry in Minnesota. The medical device industry employs an additional 29,000 instrument makers and IT workers. Because the state’s people understand how health care functions, it follows that more startups would be setting up shop there. Last year, according to the trade group Medical Alley, 98 health-related startups in Minnesota raised $420 million.
There are several draws to attract investment and technology talent to Minnesota. A prime consideration is the state’s modest cost of living, especially when compared to other startup hubs. Medical Alley determined that the cost of living in California’s Silicon Valley is 65% higher than in Minneapolis.
But the Twin-Cities lifestyle is almost as much an attraction as low cost, with variety a key element – from symphony concerts by the Minnesota Orchestra to opening nights at the Guthrie Theater to Twins baseball games at Target Field to log-rolling contests and whitewater rafting. The Walker Art Center with its contemporary collection and the Minneapolis Institute of Art with its classics have more than enough fine works on display to make them a constant attraction for the fledgling artist or seasoned connoisseur.
The North Loop neighborhood is where Minneapolis goes to dine out. One of the favorite eateries is Murray’s Steak House, where the staff and devoted regulars boast that the meat is tender enough to slice with a butter knife. The defining staples of Twin Cities dining are those choice steaks, vegetables fresh off the farm, hefty cheese-stuffed burgers, an abundance of pies, including pizza, and lots of local beers.
The greater portion of Minnesota’s more than 200 colleges and universities is concentrated in the Twin-Cities metro area. The University of Minnesota in Minneapolis is among the most highly rated public research universities in the country. The school has a policy whereby students can get paid for conducting research as undergraduates. Famous U of M alumni include former Vice President Walter Mondale and NPR host Garrison Keillor.
The state’s low-cost two-year technical schools and community colleges have an open admissions policy that allows any resident with a high school diploma to attend.
Eden Prairie is a Twin-Cities suburb with an outstanding public school system. The Eden Prairie Senior High School is ranked by Niche as #2 out of 402 high schools in Minnesota. It has technology labs and a Performing Arts Center, a wing for Business and Healthcare classrooms, and a football team ranked by MaxPreps as the #11 high school team in the nation. Another distinction, in addition to its sports and academic prowess, is that Eden Prairie is the only high school in Minnesota to send a dance team to the UDA National Dance Team Championship where they have won 7 national titles.
The suburb of Eden Prairie itself, according to MONEY Magazine, has a population of 62,000 and is host to 57,000 jobs, giving it an unemployment rate of just 3.6%. The city’s physical amenities are in keeping with its economic attractiveness – it has 37 parks, 17 lakes, and 200 miles of walkways and trails. In a quality of life survey conducted by the city, 95% of respondents gave their hometown a rating of very good or excellent.
For EB-5 investors to whom the above strikes a responsive chord in regard to their plans for a new life in America, Live In America EB-5 would be pleased to work with them in exploring what the Twin-Cities and their suburbs have to offer. An email to LiveInAmerica.uswill get that started.
Zillow lists the median price for a home in Minneapolis at $259,200. The median price in Eden Prairie is $355,200.