from the article:
Startup and entrepreneurial growth in small to large cities is fueled more by high school diplomas and college degrees than by venture capital, government funding, or the presence of research universities, a study concludes.
The study, conducted by the Ewing Marion Kauffman Foundation, examined business activity in 356 U.S. metropolitan areas. Researchers found that investment levels of financial organizations, primarily venture capitalists, did not correlate with high startup activity, and that billions of dollars in federal government research expenditures and the presence of research universities were not associated with higher rates of entrepreneurship.
Instead, the authors say, education is the most significant factor correlated with entrepreneurial growth. “A substantial high school completion rate will further increase the area’s startup rate,” they write.