There are various specifics about the geographic area a business is starting up in that can have significant implications for the company during the startup process.
One is what business-related laws are present in the area. Such laws can impact what compliance issues are present for the new business. They can also impact what specific decisions come up for the business as it is starting up. So, being aware of what state and local business laws apply to their company can be very important for a business owner when they are in the startup process. Ohio business attorneys can give startup owners in the state guidance in this regard.
Another thing that can have impacts for a business in its startup phase is what the funding environment is in the state and area in which it is located. This environment can impact what kinds of options a startup owner has for injecting capital into their business.
Small business funding can take many different forms. States differ in how common the various forms are in them.
One funding route sometimes available to a small business is venture capital. A recent report indicates that Ohio has been seeing an increased amount of venture capital activity in recent years.
According to the report, last year, new and developing Ohio companies received around $470 million in venture capital investments. This is:
The type of new/developing business that received the most venture capital funding in the state in 2016 were startups in the information-technology field.
Also, every stage of the startup phase saw increases in venture capital funding in Ohio in 2016,
One wonders what impacts the growing amount of venture capital going into Ohio startups will end up having on the overall business funding and startup environment in the state.
Source: The Columbus Dispatch, “Venture capital helps make Ohio among top startup economies in US,” Tim Feran, June 11, 2017
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