LendingTree researchers revealed that New Orleans ranked first in the list of major U.S. cities with the youngest entrepreneurs. New Orleans moved up from its No. 3 position last year, stealing Salt Lake City's spot at the top of the list. According to the study, the average age of business founders in the Big Easy is 37 years old, and more than half of them are Millennials.
Researchers at LendingTree conducted the study by using data from business owners seeking loans from the company. Data shows that the average age for business founders in the United States is 39, but 37 or 38 years old in some top-ranking cities like Salt Lake City, Philadelphia, and Milwaukee.
Startups are most likely to succeed in cities that have a growing local economy, business-friendly tax policies, low cost of living, a strong startup network, and availability of business funding. Not only does New Orleans have those characteristics, but the city makes it easy for entrepreneurs by providing a plethora of programs and resources. New business owners have access to the local nonprofit The Idea Village as well as Tulane University's Freeman School of Business, which hosts the New Orleans Entrepreneur Week every year.
There is no doubt that startups have transformed the local economy since Hurricane Katrina wreaked havoc on the city almost 15 years ago.
