New Delhi [India], September 27 (ANI/Mediawire): For most entrepreneurs, the United States of America tops the list of countries where they want to expand their business operation.
With a population of over 320 million and a GDP (gross domestic product) per capita of USD 55000, the US is by far one of the largest economies of the world.
However, it is not at all easy to leverage the US market in its entirety at least not when the entrepreneur is just entering the country. The different states of US can be compared as different countries as factors like culture, resources, legislation, and regulations vary greatly across these states.
WHY SHOULD YOU LOOK AT MIDWEST?
The Midwest is composed of 12 states which includes Kansas, Missouri, Ohio, and Nebraska. The start-up community in the Midwest are generally smaller than those of San Francisco and New York. The most important aspect which makes Midwest unique from the coast is the business-to-business market.
While the east coast and the Silicon Valley focusses on the next consumer product, the midwestern density of Fortune 500 companies makes it an ideal location for B2B companies. Also, as compared to the coasts, Midwest is less fierce. The small and tightly knit business communities helps you to connect with the largely pre-existing network.
A large component of the entrepreneurial ecosystem in the Midwest is shaped by its historically prominent sectors such as culture">agriculture, manufacturing, and health. However, many of the new entrepreneurial and business activity though has a link to these historical sectors, they are now combined with the newest technology and innovations.
In addition, sectors such as entertainment, financial technology, and smart cities too have gained traction in the Midwest.
Chicago is the most populous city in the American Midwest and the third most populous in the United States. It has long been an industrial hub. Recently, it has also become the unicorn factory for the US. In the year 2021, almost 12 unicorns reached the valuation of USD 1 million bringing the total number of unicorns to come out of the ecosystem to 20.
SECTORS TO EXPLORE
The Midwest offers an opportunity for different companies specialised in different sectors. However, there are some sectors in the Midwest that have unique strengths and opportunities.
Water technology, especially water purification and contamination detection, is one of the strengths of Midwest. The region has many testing facilities and the country's only School of Freshwater Sciences. Many corporates interested in incorporating water technology are also based in the Midwest.
The Midwest has a lot to offer in the healthcare sector, from having some of the best hospitals in the United States and the biggest medical corporates to the best health accelerators in the nation with many excellent research facilities.
The region is home to many Fortune 500 companies and stellar research institutions in the field of culture">agriculture and food technology sector. The Midwest has a long-standing reputation and is the place to be for urban farming, dairy, food technology and brands, plant sciences, and food packaging.
The Midwest has long been the nation's leader in manufacturing of (intermediate) materials, such as steel, plastics, paper, metals, and polymers. The Midwest is the undisputed best in the area of polymer, metal, and plastic manufacturing.
MOBILITY & INFRASTRUCTURE
The Midwest has many strengths in this area and encompasses everything that has to do with improving mobility and infrastructure in an urban environment, such as automotive, smart technologies, and data infrastructure.
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