The current American society tends to push individuals to be more innovative, an endeavor that has resulted in the emanation of numerous startups. So far, these startups have developed and introduced unique products or services to the American markets. However, every startup’s success relies on the devising of unique plans to gain a competitive advantage and seek initial funding to kickstart the operation. New Orleans is a city with great opportunities and offers great conditions for all startups.
According to Williamson (2016), New Orleans can rival the ‘big three’ cities, which dominate in entrepreneurship; Boston, San Francisco/San Jose, and New York. So far, the city has not been disappointing since it has had numerous successful startups. In fact, New Orleans has grown over the years to become a center for many locally grown technology companies, including LookFar, Turbosquid, and Lucid. Also, existing companies such as DXC Technology, Accruent, and High Voltage Software selected the city as an ideal location to undertake their operations (New Orleans Tech, n.d.). The digital and technology industry has proven key to these startups’ success; however, more industries within the city could serve as the basis for most other startups.
New Orleans’s economy is dominated by four main sectors, namely, tourism, aerospace, port and ship/boat building, and oil/gas and related activities (City-Data, n.d.). Tourism is the main driving force of New Orleans’s economy since the city has major attractions, including America’s largest Mardis Gras festival, river-boat gambling, and magnetic French Quarter. The port provides opportunities for startups that could be interested in the industry and the presence of a large workforce already conversant with various port operations and other activities such as ship/boat building. The city is also known for producing crude oil and natural gas, an area that startups can also explore. Basically, the city has a vast of opportunities for potential startups, and they can easily blossom due to its entrepreneur-friendly environment, tax incentives (exemption from ad valorem property taxes), robust workforce, as well as leaders committed to making the city better.
However, the main challenge that faces most startups is the acquiring of funding. Since most of them have little or no revenue coming in, they are compelled to seek potential sources for funds to enable them to test their developed ideas in the new markets. The New Orleans Startup Fund helps accelerate many early-stage businesses’ growth by providing them with seed capital and other business-related assistance (GNO Inc., n.d.). However, the funds are allocated to the business, which portrays real growth potential. In other cases, events such as the Coulter IDEAPitch offers various promising startup ventures in New Orleans the opportunity to win a certain amount of money to aid their endeavors(Larino, 2018). Basically, having a perfect idea and portraying a growth potential is vital for startups in New Orleans, especially in their search for funding.
Furthermore, the city’s culture is filled with different lifestyles ranging from city life to suburban living and more, depending on one’s preference. Thus, dozens of local communities have set roots in this city, and their presence is key to the growth of its economy. They are not only available as a workforce but also offer a ready market for products and services. Therefore, New Orleans’s startups have a higher chance of survival due to the presence of different sectors, a large labor force, tax incentives, and a potential market for services and products.
References
City-Data. (n.d.). New Orleans: Economy. Retrieved from City-Data: http://www.city-data.com/us-cities/The-South/New-Orleans-Economy.html
GNO Inc. (n.d.). New Orleans Startup Fund. Retrieved from Greater New Orleans Inc.: https://gnoinc.org/business-climate/initiatives/startup-fund/
Larino, J. (2018, March 16). These 3 startups are New Orleans’ next tech wave. Retrieved from The Times-Picayune: https://www.nola.com/news/business/article_675ab07b-c3b3-5b31-9f05-5183704c9b94.html
New Orleans Tech. (n.d.). Retrieved from New Orleans Tech: https://neworleanstech.com/
Williamson, T. (2016, March 8). What Makes New Orleans a Startup City to Rival the “Big Three”. Retrieved from Harvard Business Review: https://hbr.org/2016/03/what-makes-new-orleans-a-startup-city-to-rival-the-big-three?registration=success
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