Entrepreneurial energy remains high across the United States, with over 5.2 million new business applications filed in 2024.
A new report by financial software firm Wave has revealed a surprising picture of where startups are thriving — and many of the most successful states aren’t the usual suspects like California or New York.
Wave’s study ranked all 50 US states using six weighted factors: new business applications, existing business density, opportunity-driven entrepreneurship, job creation by startups, first-year survival rates, and local search interest in “how to start a business.” All metrics were adjusted per 100,000 residents to ensure fair comparison, resulting in an overall “Entrepreneurship Strength Index.”
Wyoming ranked No. 1, outperforming all other states in entrepreneurship. The state registered an astonishing 10,000 business applications per 100,000 people in 2024 — over six times the national average. With 8,600 active businesses and 85% of entrepreneurs launching ventures by choice rather than necessity, Wyoming also boasts one of the highest startup survival rates at 77%. Local interest in entrepreneurship is equally strong, with the highest number of monthly “how to start a business” searches per capita.
Montana came second, driven by strong job creation and solid survival rates. The state saw 2,400 applications, nearly 6,700 businesses, and posted an impressive 81% survival rate for new firms. Importantly, 76% of new businesses were founded out of entrepreneurial desire, not economic desperation.
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