Charleston SC has quickly become a surprise player in the tech industry among giants like Silicon Valley and New York City. Usually known as a top tourism destination it was recently reported that Charleston’s tech economy is growing 26% faster than the national average – matching Silicon Valley and outpacing New York City. With more than 200 established tech companies, our fast-growing tech hub is fueled by new waves of young, creative talent flocking to the area for its innovative tech start-ups.
In fact, the Post and Courier recently reported that the tech sector of the Charleston economy showed stronger growth than other sectors. Charleston has a larger percentage of employment in IT-related business than other well known tech hubs like Austin, TX or Raleigh, NC. This growth is fueling a rise in demand for “downtown” living and in the availability of financing for startups via Venture Capital funds. Last year the Brookings Institution ranked Charleston #12 in the nation for venture capital “first fundings ” by population and deal concentration.
The region’s growth didn’t happen overnight nor without both the focus and support from the City of Charleston and the City of North Charleston. After 15 years in the market, Blackbaud, developer of software and services for nonprofits, raised $64.7 million at its IPO and more recently, insurance technology company, Benefitfocus, raised $70.6 million from its IPO in 2013.
“You could count the number of technology-focused companies that were around on two hands back in 2004, ” said Grier Allen, CEO and Co-Founder of real estate software company, BoomTown. “Today, we have hundreds of companies ranging from your one-person, two-person startups looking for that angel round, all the way up to the Google and Boeing, which is expanding its technology arm here in Charleston. ”
At the cornerstone of Charleston’s tech community is the Charleston Digital Corridor (CDC), a public-private partnership that provides Charleston’s entrepreneurs with community, talent, spaces and capital. Since 2009, the CDC has graduated 76 startups in its incubator spaces (called “Flagships “).
Note: So there you have it – if you want to balance a great lifestyle with an even greater opportunity to create your own space in the digital world then where better to take that first step than in Charleston SC, the #1 City in the USA! Start your search to find the right home for you by reviewing the comprehensive resource guides, checklists, tips and tricks …
Acknowledgement: This blog was reproduced in part and with modification from an article in the Huffington Post, author – Lisa Chau.
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