Chandler, Scottsdale ranked as top 10 untapped cities for startups in 2020
PHOENIX — Looking for the perfect location to create a startup company?
Look no further than right here in the Valley.
Fundera, a website for small businesses, released its list of the top 10 untapped cities for startups in 2020.
Two Valley cities found themselves on the list with Chandler coming in at No. 8 and Scottsdale just behind tied for 10th with Kansas City.
But it’s Madison that takes home the crown, as the Wisconsin capital came in at the No. 1 spot.
The key factors that went into creating the list include the percentage of the population with a bachelor’s degree, average office property lease cost, yearly rent growth, median income, cost of living and the number of venture capital deals.
Both suburbs benefit from its proximity to Arizona’s capital, as the Phoenix metropolitan area has seen 122 venture capital deals (fifth-most on the list) over the last three years.
And while Chandler may have a smaller population percentage (43.8%) with a bachelor’s degree compared to Scottsdale’s 56.8% (fourth-highest), Chandler beats its neighbor in office space costs ($18.21 per square foot per year) and rental price growth (yearly 4.3% increase).
Scottsdale’s median income of $88,071 per year came in at No. 4, while Chandler’s $85,527 captured the No. 6 spot.
As a result, Scottsdale has a rent average of $22.36 per square foot per year with a yearly 7.6% increase, both No. 1 on the list.
Gilbert and Glendale were ranked No. 23 and 28, respectively, in the extended list of 45 cities.