Start a Business in Center City
Start your business in Center City Philadelphia's thriving innovation ecosystem.Learn More
Center City is at the heart of one of the leading global regions for research and innovation.
Locating your business in Center City is a smart move. There are 101 regional colleges and universities that award close to 90,000 degrees and certificates annually. In 2017, Philadelphia received $992 million in NIH grants to carry out cutting-edge medical research, ranking 4th nationally. Combined research spending at Drexel, Temple, Thomas Jefferson and the University of Pennsylvania totaled $1.9 billion in 2017, while together with the Children's Hospital of Philadelphia applied for 391 patents. With 15 institutions of higher learning in or near Center City, companies can recruit young, educated graduates, as well as offer a wide array of continuing education opportunities for their employees.
There are also a host of opportunities for expanding business. Capital, accelerators, coworking spaces, universities and an educated workforce convene in Philadelphia to create a vibrant innovation ecosystem, centered on the downtown and surrounding neighborhoods such as University City. Over 300 startups create a diverse entrepreneurial community. According to the National Venture Capital Association, the Philadelphia region is one of the top 10 metropolitan regions for venture capital, with an average of nearly $600 million in annual funding. Center City’s density and accessibility allow people from large corporations, research institutions, startups and the public sector to intersect on a daily basis, creating myriad opportunities for innovation.
State of Center City 2020 is a comprehensive overview of market conditions downtown at the end of 2019, before the impact of the current crisis. It provides detailed profiles of the diverse sectors that drove ten straight years of employment growth, highlighting strengths and challenges as we entered 2020.