As it continues to attract some of the country’s most exceptional entrepreneurs, Memphis is effortlessly churning out cutting-edge, fast-growing startups. Although the founders of these startups in Tennessee claim Memphis is not on a mission to become the next Silicon Valley, the city is on its way to achieving similar levels of success.
In addition to its tradition of good food, blues, jazz and rock ‘n’ roll, Memphis has shaped several multimillion-dollar success stories. For instance, Restore Medical Solutions raised $4.15 million in funding, while the medical device company MRI Inventions has raised a massive $30.53 million in funding since its inception in 1998.
Needless to say, entrepreneurs around the world have taken notice of the success others are finding in Memphis. For example, Preteckt—a Canadian trucking-logistics startup that predicts vehicle breakdowns before they become major issues—relocated to Memphis after partnering with a local venture-development organization called Start Co.
If you’re looking to establish entrepreneurship success, Memphis is a city overflowing with possibilities. More importantly, it’s brimming with a network that can help you take your startup to levels you never thought possible. Here’s a closer look at some of the many reasons Memphis is booming as far as startups are concerned.
Memphis is home to a plethora of thriving startups, and this is helping many aspiring entrepreneurs, incubators and accelerators move in the right direction. Given that the city is already home to several large hospitals and health-research institutions, it made sense for the Memphis Bioworks Foundation to launch ZeroTo510—a startup accelerator centered on bringing more medical device manufacturers to the city—in 2012.
A solid entrepreneurial foundation
When Leslie Smith, who previously served as president and CEO of TechTown Detroit, evaluated the city of Memphis’ approach to entrepreneurship, she found it to be missing a united strategy that was shared, repeated and recognized by all essential partners. As a result of her analysis, EPIcenter Memphis was launched. One of the biggest players in the city’s startup scene, the organization is working toward a goal of creating 1,000 new entrepreneurs and 500 new companies within the next 10 years.
Did you know Memphis ranks among the top 10 cities with the lowest startup costs? In fact, the cost of rent for office space in San Francisco is nearly triple that of space in Memphis. Affordable office space puts money back into the pockets of entrepreneurs, allowing them to focus on other important aspects of running their businesses, such as product development and marketing. This makes Memphis very attractive to entrepreneurs who are on a tight budget.
From maximizing its existing strengths to facilitating future startup success, Memphis is building a platform that benefits everyone in the city.
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