The City of Springfield has been named to Inc. Magazine’s list of “Surge Cities” for 2020, putting it in the top 50 cities nationwide for starting a business.
“Being included as one the select few across the country highlights the innovative and entrepreneurial ambition that resonates in Springfield,” said Mayor Domenic J. Sarno. “My administration has tried to set the table through the use of various small business programs, but it is really the spirit of our business community that sets us apart.”
Inc. partnered with innovation policy firm Startup Genome to analyze data for cities across the country and developed a scoring system based on each area’s growth, opportunity and innovation.
The firm also used public data and insights from Inc. 5000, a list of the fastest-growing privately held companies in the United States, to compile rankings for each city, yielding the top 50 listing. Springfield finished 46th on the list.
“The acknowledgement is great news,” said Timothy Sheehan, Chief Development Officer. “In a city that was built on innovation, its clear many businesses today continue to view Springfield as a great place to start and grow a company.”
Springfield has been on a the forefront recently with small business development, from the recent opening of the Springfield Innovation Center featuring Valley Venture Mentors to the advent of a locally administered Interise small business curriculum, “Rise-up Springfield,” to help small businesses grow. The city also administers multiple small business funding programs as well as tax incentive programs, and recently had seven census tracts designated as Federal “Opportunity Zones”.
Springfield joined Boston and Bridgeport as the only New England cities represented on the list. In the data used to compile the list, Springfield scored strong for Wage Growth (14th), Early-Stage Funding Deals (22nd), and Net Business Creation (28th).
The accolades come on the heels of Springfield and MGM Springfield being awarded a top Excellence in Economic Development award in October, from the International Economic Development Council.