Launch and Grow Your Business in Spokane!
Tuesday, March 6, 2018 Blog Funding
For myriad of reasons, Spokane is the perfect place to launch and grow your business. Our thriving entrepreneurial ecosystem provides access to support resources that any startup could possibly need throughout their journey. Spokane has established a cadre of subject matter experts, mentors, and advisors who are willing to give of their time to assist entrepreneurs with their knowledge and expertise. Spokane has established a vast network of partners, all of whom directly support startups, and effectively collaborate to refer entrepreneurs to a vast number of support resources as appropriate. Several coworking spaces, maker spaces, incubators, and accelerators exist, providing a community of support. And capital is available at all stages, including pre-seed, angel, seed, and venture capital. In addition to the support ecosystem, Spokane is an ideal place to launch and grow businesses for a number of other reasons. We recently asked Gonzaga University’s New Venture Lab to assist with some secondary research. The question posed was “How long would $1 million last for a startup in Spokane as compared to Seattle and other areas”? The results of their research are compelling:
- A technology-based startup with two founders and three software engineers will cost about $250K per year, versus nearly $600K in Seattle, and $800K in the San Francisco Bay Area. $1 million in capital will last 2 ½ years in Spokane, versus 1 ½ years in Seattle
- The average time for a startup to reach profitability is 2-3 years. With a $1 million in capital providing a 2 ½ year cash runway in Spokane, combined with a robust and cohesive ecosystem, startups in Spokane have a greater opportunity to achieve success.
And if that’s not compelling enough, consider the following facts:
- Spending power in Spokane – your salary goes 53% further than it does in Seattle, and 85% further than San Francisco
- Affordable residential housing – on average, Spokane housing is $157/sf versus $476/sf in Seattle, and $1,048/sf in San Francisco
- Daily commute times – on average, Spokanites spend 36.5 minutes commuting to and from work, versus 50 minutes in Seattle, and 64 minutes in San Francisco. Seattle ranks 5th worst in national traffic rankings.
- Recreation – Spokane offers 55 miles of trail for walking, running, and biking. There are 5 ski resorts within 2 hours of Spokane, and the Spokane river runs through the heart of our city, offering swimming, fishing, paddling, and floating adventures during the summer. There are dozens of craft breweries, wineries, cideries, and distilleries to explore. The arts and culture scene offers something for everyone.
Spokane truly is the perfect place to launch and grow your business. With 8 colleges and universities in the greater Spokane region, there is access to a large pool of educated, skilled, and talented workforce across a multitude of disciplines. Ideas that are viable and scalable are flourishing. The Spokane region is on the RISE, continuing to demonstrate its success in creating companies in technology, robotics, life and health sciences, advanced manufacturing, and beyond.