Investment

Yes, you read that right. Internet speeds as fast as 1 gigabit gigabyte per second are the norm in the city of Chattanooga, Tennessee. Not the spot you might have predicted, would you. Certainly not the place I anticipated would have faster, better internet than anywhere else in the United States, and one of the faster internet speeds on the planet. Not only that, but the fast internet is helping to lead Chattanooga out of the economic doldrums. [A] group of thirty-something local entrepreneurs have set up Lamp Post, an incubator for a new generation of tech companies, in the building. A dozen startups are currently working out of the glitzy downtown office [that was formally the home of Loveman's department store]. “We’re not Silicon Valley. No one will ever replicate that,” says Allan Davis, one of Lamp Post’s partners. “But we don’t need to be and not everyone wants that. The expense, the hassle. You don’t need to be there to create great technology. You can do it here.” He’s not alone in thinking so. Lamp Post is one of several tech incubators in this mid-sized Tennessee city. Money is flowing in. Chattanooga has gone from close to zero venture capital in 2009 to more than five organized funds with investable capital over $50m in 2014 – not bad for a city of 171,000 people. [...]