Affordability and Accessibility = Acceleration
The cost of doing business in DSM is 12% lower than the national average (Moody’s Analytics). Instead of having to worry about higher overhead operational costs found in larger cities, this affordability gave OpenLoop the financial room to innovate, expand its services, and support more growth.
Access to capital, resources and leadership also drives growth. In markets like San Francisco, Los Angeles, New York, and Boston, the chances of obtaining venture capital can be slim.
“New venture capital opportunities are starting to flow into the Midwest,” says Dr. Lensing, “Investors want organizations to be capital efficient and are looking for companies in areas they don’t expect. Thanks to the affordability of doing business in DSM, it’s become an attractive investment for both founders and venture capitalists alike”
OpenLoop has grown from five employees to more than 300 and recently expanded into the former Bank of America building in Downtown Des Moines, which is now named OpenLoop Tower. The company tapped into resources and individuals like the Greater Des Moines Partnership, Iowa Economic Development Authority (IEDA), City of Des Moines, Iowa Workforce Development and Jennings Kallen Advisors.
“Des Moines is booming with opportunities for every type of company and their employees to thrive,” says Dr. Lensing, “The lower cost of living allows employees to fully take advantage of life outside of work and come into work refreshed at 100%, giving them a great work life balance.”
Why DSM
- The region is thriving and vibrant – The affordability, flourishing culture and vast recreational offerings give the city an unparalleled character, attracting a vibrant workforce. (U.S. Census data shows DSM is the fastest-growing major metro in the Midwest.)
- Orientation to community - “The level of community here is unmatched by other cities and has really opened the door for us in other facets of our business,” says Dr. Lensing.
- It’s called “Silicon Prairie” for a reason – Business accelerators and incubators, organizations like the Technology Association of Iowa and the entrepreneurship scene foster an environment where tech companies can establish themselves and grow.