Where one chooses to initiate a startup business is important and can mean the difference between success and failure. Although historically technology startup companies have not looked to Michigan as a fruitful place to begin a new technology firm, this view has significantly changed over the recent years. Now, Michigan is seen as a strategic location for starting a new company focusing on technology.
The founders of one recently started company, Glyph Inc., believe that Michigan is the perfect place to start their new technology business. They cited the innovative startup culture in the area as one of the main reasons they chose to stay in Michigan. Also, talented professional service providers are just as abundant as any other place, but are also cheaper, according to one founder of Glyph. More affordable office spaces was another aspect which kept their company in the area.
The company has recently designed a new smart phone app which functions similar to Yelp and Foursquare while combining personal finance tracking, all included in a single app. However, this is not the company's first app. The company began in 2012 by creating an app called Glyph which attracted over $50,000 from investors throughout Michigan. Apple had even named Glyph as the Best New App.
The new company would not have been able to attract the necessary startup capital in Michigan if it did not have a well-designed business plan. Investors need to see the business plan in order to know that they are investing in a solid company with a high potential for success. Additionally, it is important for the business plan to comply with all applicable laws, since this can keep risk of legal liabilities low, which also makes the company more attractive to investors.
Source: The Huffington Post, Why This Startup Chose The Midwest Over Silicon Valley, Ashley Woods, Jan. 3, 2014