A new report set out to identify the top startup ecosystems in the Midwest, and several Wisconsin cities cracked the list.
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Not surprisingly, the top-ranked Wisconsin city was Madison, which placed No. 5 on the list. It fell just behind St. Louis and ahead of Ames, IA.
Milwaukee was the next-best performing Wisconsin market, landing at No. 8. Other Wisconsin cities on the list included Green Bay (22), La Crosse (29), Eau Claire (33) and Racine (36).
The top three cities on Silicon Prairie News' list were Chicago, Champaign, IL and Minneapolis.
The group said it measured each Midwest city based on eight criteria: small business activity, cool jobs, sustaining companies, structure, innovation, venture investment, community spirit and connectivity.
In Madison, the report predicted that the city will be in the conversation with emerging ecosystems like Boulder and Austin "in the next couple of years." The report added that Madison needs to continue to focus on growing its startup community and "building wealth for the people, community, and the state of Wisconsin."
"Healthcare technologies, e-commerce, video games, and software applications thrive in Madison. This depth and breadth suggest a well-functioning ecosystem," the report said.
In Milwaukee, the report cited its number of companies on the Inc. 5000 and a strong banking system as strengths. But Milwaukee needs more venture funding, and to help entrepreneurs find customers in nearby Chicago, St. Louis and Minneapolis.
"...a city the size of Milwaukee should be producing big fundings, exits, and a larger number of venture deals," the report said. "It is sitting below its high growth capacity despite having many building blocks."
You can see the full rankings and read the complete report here.
