Aside from what the news will have you believe, D.C. is not all politics; it also has an incredible startup scene — particularly for Black entrepreneurs.
So if you’re thinking about starting a business, the Nation’s Capitol just may be the perfect place.
Incfile, a Texas-based company that helps startups with official filings, recently released a study that ranked DC as the best city in the US for Black entrepreneurs to start a business. Incfile measured the top cities based on the following criteria: High median income, combined with a low cost of living; high revenue-generation by Black-owned businesses; a high percentage of the population that identifies as Black; and a high level of Black residents responding to the U.S. Census.
The rest of the top five are St. Louis; Indianapolis; Rochester, New York; and Cleveland.
Washington, D.C., which ranks first, has the 11th highest percentage of Black residents (45.4%) with a median residential income of $69,235, while Black-owned businesses generate an average annual revenue of $95,230. According to Inkfile, the district has the highest rate of Black-owned businesses in the country.
It’s no surprise either. D.C. is home to more than 70 incubators, accelerators, and coworking spaces, including many that are focused on building diverse companies.
The number of universities in the metro area—including American University, Georgetown, and Howard University— also means Washington is ranked the third most educated city in America, producing some of the most talented students turned entrepreneurs.
According to Incfile, DC also has the highest rate of Black-owned businesses in the US, although California, Georgia and New York have the highest number of Black women founders. On the flip side, Hialeah, Florida; Laredo, Texas; Spokane, Washington; Reno, Nevada and Irvine, California found themselves labeled the five worst cities for Black entrepreneurs, respectively.
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