Silicon Valley’s Tapped Out: Why Companies are Looking at the MN Tech Corridor
8 Feb 2020
Silicon Valley has long been home to the nation’s growing tech industry but recently companies have begun to look outside of California to grow their operations. These companies are looking at the MN Tech Corridor as the next big destination for the tech industry.
Because the MN Tech Corridor offers everything tech companies need to thrive. Plus, everything costs less in Minnesota than it does in California. Financially, the move just makes sense.
The Minnesota Technology Corridor offers these amenities:
#1 Abundent, affordable real estate
Within the Corridor there are shovel-ready sites up to 250-acres, making it the ideal location for data centers and technology companies in search of a new headquarters. In Silicon Valley, a one-acre plot of land can sell for up to $15 million. In the MN Tech Corridor, a 27-acre lot is for sale for only $1.2 million. The cost savings is incredible.
#2 Low energy rates
Minnesota’s energy rates are 23% lower than the U.S. average. In addition, there are 100% renewable energy options available for companies located within the Corridor. For companies looking to reduce their environmental impact - utilizing renewable energy sources allows them to do so.
#3 Easy access to tech talent
The Twin Cities region is home to some of the country’s top universities. There are over 10,000 people graduating STEM programs annually and the region has been named a Top Talent Area. Tech companies are benefiting from this access to top talent, both for managerial positions and entry level positions.
#4 Low cost for businesses and employees
Land, labor and energy cost less in Minnesota than they do in California. By simply relocating, tech companies can reduce their expenses and have more money to invest in growth or research and development.
#5 Prime location
The Corridor is within 30-minutes of the MSP International Airport, making it easy to reach the rest of the country and the world. Shovel-ready sites have interstate access as well, allowing for easy movement throughout the region.
#6 Strong collaboration between local and regional economic development groups
Within the Minnesota Technology Corridor, local government and regional economic development groups are working together to make it easier for tech companies to move into the area. This means helping with site selection, permitting, workforce recruitment and training, along with anything else that companies need to succeed. Sometimes this even includes financial and tax incentives.
Environment of Success
The region is home to all 18 of the Fortune 500 Companies located within Minnesota, along with 25 Fortune 1000 Companies. In addition, there are approximately 200 data processing, computer design and hosting companies between Anoka and Washington Counties, with over 20 data processing, computer design and hosting companies located within the Corridor. These companies include Dedicated Networks Inc. and Ayrshire Electronics, to name a few.
Companies are choosing to grow here because the region fosters an environment of success. We encourage tech companies to look at the real estate available within the Minnesota Technology Corridor and to consider how these same assets can help your company to grow.