Has Boston finally replaced Silicon Valley as the best startup hub in the U.S.?
According to a new report by the U.S. Chamber of Commerce Foundation and startup incubator 1776, it has.
The report, which ranked the top 25 startup incubators in the U.S. by reviewing dozens of key indicators, gave Boston the No. 1 spot for its readiness to foster entrepreneurial growth and innovation in the next wave of the digital economy.
As Boston Business Journal points out, the San Francisco Bay Area still leads in overall startup activity, but Boston placed No. 1 for its “clear emphasis on next generation tech companies specializing in education, energy and healthcare industries; high quality of life ratings; and a welcoming regulatory environment for startup communities.”
San Francisco also fell to No. 2 because of the “competitive nature of the region,” the report states, which may be reducing collaboration among startups, government, corporations, and institutions.
Boston drastically beat out San Francisco in terms of quality of life, taking the No. 5 spot, while the Bay Area was bumped to No. 23, possibly for its high cost of living.
When it comes to having a strong supply of educated millennials, however, Boston and San Francisco tied – 7.6 percent of each city’s population is comprised of college-educated millennials.
After the Bay Area, Denver, Raleigh-Durham, and San Diego took the next three spots.
Read the full report here.