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Key Takeaways Mid-sized markets give founders advantages that don’t exist in big cities. They match the largest metros in talent, entrepreneurship and economic resilience at a fraction of the cost.
In mid-sized markets, failure is survivable. When a failed idea costs you a few months instead of everything, you can afford to try, miss and try again.
It’s also easier to make a name for yourself, form lasting business relationships and hold on to top talent.
While there are many advantages to building in a mid-sized market, it’s not all easy. However, the limits of a mid-sized market sharpen you as an operator.
If you tell someone you’re an entrepreneur, they’ll assume you’re from one of the anointed cities: New York, Silicon Valley, maybe Austin or Miami. Start a company outside of these major metros, and the general read is that you’re a farm league founder.
I know otherwise. I’ve built seven companies, all in my hometown of Lexington, Kentucky. I travel regularly, and when I tell people I’m from Kentucky, they often look surprised and say, “What’s going on in Kentucky?” Those who live here know there’s a lot going on. Lexington may be a mid-sized market, but it’s one that has a flourishing entrepreneurial community.
My friend Scott Shapiro, Lexington’s former Chief Innovation Officer, has done research on what he calls “University Cities” — mid-sized markets like Lexington, Madison and Ann Arbor, which are built around major research universities.
His data shows that these cities match the largest metros in talent, entrepreneurship and economic resilience at a fraction of the cost. The bottom line is this: Markets like Lexington give founders advantages that simply don’t exist in big cities.
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