09 Sep Not in Silicon Valley anymore: The new health IT hubs
For a long time, tech and innovation went hand-in-hand with visions of Silicon Valley and New York City. But new hubs of health-focused startups are emerging, as digital health companies lay roots in mid-sized metro areas.
According to the Kauffman Index of Entrepreneurship, healthcare is ranked No. 4 in terms of U.S. industries with the largest share of high-growth companies in 2016. Within that sector, Nashville, Tenn., has the most high-growth company density among healthcare companies, meaning it has the most private companies that have achieved at least 20 percent annualized growth over a three-year period with at least $2 million in revenue. This can be seen in the growing amount of venture capital invested in the area, which stems from the city’s reputation as a hotspot for healthcare activity in general.
Other health IT hubs like Miami are still in the early stages of maturation, but entrepreneurs and innovators are priming the city for growth. One newly launched accelerator is harnessing Miami’s diversity, demographics and geographic location to test products that could eventually be scaled nationwide.
Startups and incubators are clustering in these and other mid-sized cities, forgoing the reputation afforded by Silicon Valley and other big tech cities and capitalizing instead on other factors.
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