Results
Access the Final Report Here! Entrepreneur’s Census Final Report
Key Statistics
Public Funding
- Just 13% of respondents sought public financing; 42% sought private financing
- The median public raise was $2 Million, while the median private raise was $275,000.
- 69% of companies that applied for public funding received some
- Only 30% of companies raised as much private financing as they had hoped
Office Space
- 42% of respondents with commercial office space in New York did not pay rent last month versus 24% and 22% of respondents from Boston and Palo Alto respectively
- When factoring in this free rent, the median rent per employee, per month was $200 in New York, $350 in Palo Alto, $500 in Boston
- When calculating the cost of office space only for those companies that paid for their office space, the median rent per employee, per month was $733 in New York, $475 in Palo Alto and $500 in Boston.
Geography
- Just 18% of respondents moved to a location to launch their business (15%) or to move their business to a new location (3%).
- Exactly 70% of respondents were either born in the city where their business is based (17%), came for education (23%), or came for a prior job (30%).
- 37% of respondents from Palo Alto moved there to launch their business (32%) or to move their business to a new location (5%).
Key Recommendations
- Student Loan Forgiveness for Entrepreneurs
- Create “Immigrant Friendly” Cities
- Recruit and Support Firms with “Entrepreneurial Prominence”
- Raise Awareness of Public Funding Availability through Social Media
- Use City-Funded Offices to Help Entrepreneurs Identify and Apply for Public Funding
- Tax Incentives for Established Companies that House New Ventures
JOIN IN! email matt.shapiro@yale.edu to participate in upcoming studies
