Per a study by website LendingTree, and as reported in Inc., New Orleans has the youngest entrepreneurs in America, moving up from its No. 3 position last year and knocking Salt Lake City from the top spot. Philadelphia comes in third.
Writes LendingTree: “The average age of business founders in New Orleans is 37.04 years old. More than half of startup founders in the city are Millennials, while about a third belong to Gen X. There are a multitude of resources in the city for new business owners, including incubator programs to assist emerging startups. Local nonprofit The Idea Village and Tulane University’s Freeman School of Business host the annual New Orleans Entrepreneur Week to showcase new businesses. Startups have played a major role in the revitalization of New Orleans since Hurricane Katrina devastated the city nearly 15 years ago.”
Explains Inc.: “Cities that boast a younger entrepreneurial population typically have lower costs of living, reducing some of the expenses and lessening the risk for budding founders…The median rents in New Orleans, Salt Lake City, and Philadelphia are about $2,700 cheaper than that of San Francisco, according to the real estate database Zillow….What’s more, cities with younger founders typically have rich talent pipelines from nearby schools.” Greater New Orleans is home to more than a dozen universities.