NASDAQ in Times Square, New York City, USA.
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Thomas Stanley and William Danko wrote a book entitled:
The Millionaire Next Door … The Surprising Secrets of America’s Wealthy”.
They produced a portrait of who America’s millionaires are and show that by and large these are quiet, understated, self-reliant Americans who are committed to hard work, education, and family.
Their portrait shows that eighty percent of our millionaires are first generation affluent, that less than half received not a cent of inheritance, and only 19% get any income from a trust fund or estate.

Most Americans … 80% … are not self-employed … of those that are, two thirds are our millionaires.

Seventy five percent of these self-employed millionaires are entrepreneurs, and the remaining quarter are self-employed professionals like doctors and accounts.
Sure, we have high profile billionaires in America, however most of our millionaires are the nation’s bread and butter entrepreneurs and small business owners with annual incomes near $250,000.
These are overwhelmingly self-made individuals, by a large founders and proprietors of prosaic businesses like: welding contractors, auctioneers, rice farmers, owners of mobile-home parks, pest controllers, coin and stamp dealers, paving contractors, etc.
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Jason Mendelson Session At TechStars
Image by Andrew-Hyde via Flickr
Which U.S. States Are the Most Entrepreneurial?

formsds.jpgThe website has posted a very interesting map with a breakdown of investment dollars over the course of the past year. The map caught the eye of Boulder-based venture capitalist Jason Mendelson – not surprisingly, as the map points to Colorado as one of the most entrepreneurial states. bases its findings on the filings, as the name suggests, Form D, an SEC requirement when startups and other privately-held companies raise venture capital. By tracking these filings, the site is able to get a decent glimpse into not just to whom but to where the money is headed.

According to‘s findings, Massachusetts leads the pack with 100 fundraisings per million people, but Colorado comes in a close second with 95 fundraisings per million people.


It’s worth noting that this figures isn’t investment dollars per capita. When looking at those figures, Massachusetts still leads the other states at $418 per person. California comes in second at $312 per person. But Colorado is third, with $209 per person.

It’s also worth noting that these figures cover all investment, not just the tech sector, and Colorado continues to do well in the energy sector (less so in the NFL).

Nevertheless, New York entrepreneurs – please defend your state (or not) in the comments.

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