Evanston Is Illinois Top 'Hidden Gem' For Startups, Survey Finds

EVANSTON, IL — A recent survey identified Evanston as one of the top 100 hidden gem cities for startups, ranking it 52nd nationwide.

Major tech hubs like the San Francisco Bay Area, Seattle, Boston and the New York-New Jersey area are well known for having established entrepreneurial ecosystems.

But that comes with high costs, and those areas can be saturated with new businesses making it even harder to get off the ground with a new venture.

Evanston, on the other hand, comes with its own blend of advantages for those looking to launch a new business — a tight-knit community, the presence of Northwestern University and the associated influx of young talent and research opportunities and the location among the North Shore homes of some of the richest investors in the state.

Evanston's median household income is more than $97,000, significantly higher than the statewide average of $76,708. The median property value stands at $448,600, making it inaccessible for many, but the high cost of living is balanced by the economic opportunities and community support available.

Also making it easier to launch a successful new business in Evanston is the population. More than 72 percent of residents have at least a bachelor's degree, nearly double the rate in Illinois. And nearly 14 percent of the city's population of about 77,000 is foreign-born, which also contributes to the city's entrepreneurial vibrancy.

The only other city in Illinois to make the list was Bloomington-Normal, home of Illinois State University, Illinois Wesleyan University and the Illinois Small Business Development Center.

The top 100 "hidden gem" cities for startups was the result of an online panel survey of 3,000 business executives conducted last month by MarketBeat. According to the financial media company, the survey used internal data sources to obtain population data sets and a two-step process of stratified sampling and post-stratification weighting.

"As the startup landscape evolves, it's essential for entrepreneurs to consider diverse locations that offer unique advantages," founder Matt Paulson said in a statement.

"Our survey highlights cities that not only provide cost-effective solutions but also foster supportive environments for innovation and growth," he said. "These hidden gems are proving that you don't need to be in a traditional startup hub to achieve success."