Springfield Climbs to 3rd on Ranking of Best Cities to Start a Business

Apr 28, 2015

Officials contribute Springfield's third-place ranking to the success of the eFactory and programs like 1 Million Cups (pictured).
Credit 1 Million Cups / (Facebook)

When it comes to starting a business, Springfield ranks third in the nation when compared to the 150 largest U.S. cities.

The study, conducted by the personal finance site WalletHub, takes into account two key dimensions. Springfield earned the top ranking for one of them, which focuses on a business’s access to resources. The other, business environment, put the city at 70th. In addition, the study identified 13 metrics that are relevant to both dimensions, leading to its overall ranking of third.

“The success of the eFactory and programs like 1 Million Cups, SPIN66 and Startup Weekend have created a flurry of entrepreneurial activity in Springfield,” said Ryan Mooney, senior vice president of Economic Development at the Springfield Area Chamber of Commerce.

Source: WalletHub

The ranking comes on the heels of a new seed capital fund and accelerator program through Missouri State University and the chamber. The fund is designed to help promising startups overcome early obstacles in the formation process. It received an initial $300,000 investment from Rural Missouri Inc. and the Missouri State University Foundation earlier this month.

Last year, Springfield was 24th on the Wallethub list.

In a news release, MSU’s Associate Vice President for Economic Development Allen Kunkel said this year’s third-place ranking “confirms the progress we’ve made in just a few years toward developing the ecosystem and culture surrounding entrepreneurship.”