Here Are the Best Cities to Run a Socially-Conscious Startup A new study looks at what makes a social entrepreneur succeed.

By Nina Zipkin

Shutterstock

For many entrepreneurs, it isn't enough to only solve one problem -- they want to change the world. And when launching a business, a social mission embedded in the company's DNA can be a selling point for customers, investors and prospective employees.

But it's one thing to just state your mission, and another to be able to realize it. To that end, a recent study from Halcyon Incubator and Capital One identified some key factors that help socially-minded business owners succeed.

Related: When Should Entrepreneurs Pursue a Social Good?

The researchers found the there are four integral pieces needed to create a social enterprise with longevity: access to all types of funding, a high quality of life in the location where the business is based, a government regulatory system that is helpful and receptive to the idea and a strong bench of employees, mentors and advisors.

In surveying 388 social entrepreneurs around the country, Washington, D.C. is ranked as the number-one U.S. city for social enterprise, followed by San Francisco, Austin, Texas, Boston and Seattle.

Related: Social Entrepreneurship Has Unexpected Benefits for the Bottom Line

Forty-seven percent of the participants said that they selected a city to start their business because they were already living there. But the researchers also found a link between the quality of life of the locale and the caliber of employee and mentors available, noting that areas that were home to a lot of universities -- such as northern California and the Boston area -- often met both of those criteria.

New York was ranked number one for access to funding and Austin had the best overall quality of life. Washington, D.C., had the highest rating for a regulatory environment, while 76 percent of Boston entrepreneurs said that they considered the city's government to be helpful to social entrepreneurs in terms of access and ease of use. Only 42 percent of San Francisco entrepreneurs said the same. And while San Francisco's government was among the lowest ranked, the researchers awarded the city the top rating for human capital.
Wavy Line
Nina Zipkin

Entrepreneur Staff

Staff Writer. Covers leadership, media, technology and culture.

Nina Zipkin is a staff writer at Entrepreneur.com. She frequently covers leadership, media, tech, startups, culture and workplace trends.

Editor's Pick

A Leader's Most Powerful Tool Is Executive Capital. Here's What It Is — and How to Earn It.
Lock
One Man's Casual Side Hustle Became an International Phenomenon — And It's on Track to See $15 Million in Revenue This Year
Lock
3 Reasons to Keep Posting on LinkedIn, Even If Nobody Is Engaging With You
Why a Strong Chief Financial Officer Is Crucial for Your Franchise — and What to Look for When Hiring One

Related Topics

Starting a Business

5 Tips For Launching a Business While Keeping Your Day Job

Launching a business while holding down a 9-to-5 is no small feat. It's a common path for aspiring entrepreneurs, but it's not without its challenges.

Side Hustle

Start Your Side Hustle: Save $160 on a Lifetime Subscription to this E-Commerce All-in-One Solution

For just $39.97, you can set up a branded storefront for an online business and start selling in just a few minutes.

Leadership

Why Time Management Doesn't Work — And How My Team Doubled Their Productivity Once I Started Doing This Instead

Time management is killing your productivity – here's why and what you need to do to increase your productivity instead.

Money & Finance

7 Ways to Make Extra Income Even With a Full-Time Job

Want to make more money? Real estate investing, Amazon ecommerce and the sharing economy are waiting for you.

Starting a Business

Honey, We Have a…Company! — 6 Tips for Running a Business With Your Romantic Partner

The unique challenges (and gifts!) in running a business with your romantic partner