Madison and Milwaukee remain in the top 20 best Midwest cities for startups in 2022, according to Chicago venture firm M25’s annual ranking report.

The report ranks 59 Midwest cities for performance in their startup ecosystems by comparing data focused around startup activity, access to resources and business climate. Madison stayed at No. 9 from the 2021 ranking, while Milwaukee dropped one spot to No. 14.

The rankings were calculated using a weighted scale of 27 variables, which fall under startup activity; talent, sales and innovation; investor presence; accelerators/incubators; government; cost; demographics and connectivity.

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