It’s noted in the report that Madison is overshadowed by larger cities such as St. Louis, Chicago, and Minneapolis. But the only category where Madison underperforms is commercial broadband access, the report shows.

Report authors point to several standout factors about Madison, including the role of the UW System and the Wisconsin Alumni Research Foundation in licensing new discoveries. And they say the city’s broad range of startup industries, including health tech, software applications and e-commerce, “suggest a well-functioning ecosystem.”

They also highlight Madison’s strong angel investor network, ties to venture capital investors in the greater region and “broader capital sources” available to local startups. Still, they say the city lacks “homegrown” funding other than some corporate venture capital.

All of these factors help explain why two of the fastest growing companies in the country — SwanLeap and Exact Sciences — call Madison home, report authors say.

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