Why is Nashville a magnet for entrepreneurs?

Business Daily

BBC

News, Business

4.4 • 796 Ratings

🗓️ 13 January 2023

⏱️ 19 minutes

🔗️ Recording | iTunes | RSS

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Summary

Small businesses create nearly two-thirds of new jobs in the workforce and account for 44% of US economic activity. So what's the secret to their success? What challenges do they face and which are the best cities and regions for them to thrive?

Samira Hussain visits the city of Nashville in Tennessee, which is a hotbed of new businesses and start ups - there are reportedly four out of every 1000 Nashville residents are CEOs.

Samira meets James Davenport and Mike Hinds, co-founders of the Nashville Barrel company who launched their whiskey company in the city in February 2020. She goes to a business ‘mixer’ where CEO of the Nashville Entrepreneur Center, Jane Allen, gives an overview of Nashville’s appeal.

Tennessee has very low taxes which can encourage new business to the area - Bradley Jackson, president and CEO of the Tennessee Chamber of Commerce and Industry tells Samira how the approach works alongside other incentives.

But what does this mean for the people living there? The state has one of the highest sales taxes in the country. That means everything you buy at the store costs more. Samira speaks to Dick Williams, board member of Tennesseans for Fair Taxation, who says this kind of tax scheme ends up hurting the most vulnerable people.

Presented and produced by Samira Hussain Additional production: Rob Cave

(Image: The lights on Broadway in Nashville. Credit: Getty Images)

Transcript

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0:00.0	All episodes of My Indian Life seasons one to three are available to binge in full right now.
0:06.9	That's Kalki presents My Indian Life from the BBC World Service. Just search for My Indian
0:12.1	Life wherever you found this podcast. Hello, I'm Samira Hussein, and today on Business Daily, I take you to the U.S. state of Tennessee,
0:24.4	best known as the home of country music.
0:27.9	Well, it's been so long, I can't remember when, since I left you baby, my heart to say where I've been.
0:37.4	But in the last five years, Tennessee has also become a hotbed for entrepreneurs.
0:42.3	It was an unknown secret for a long time.
0:45.3	That's what I like to say.
0:47.3	And then the secret got out.
0:48.3	Everybody's coming here.
0:50.3	I'll ask why so many businesses are setting up shop in cities like Nashville, Tennessee.
0:55.1	I think that Nashville had a lot to offer, it still does.
0:58.1	Low cost of living.
1:00.2	No personal income tax.
1:02.5	But no income tax comes at a cost.
1:05.8	Tennessee has the highest sales tax in the country.
1:10.5	Without the income tax, the average Tennessean is paying much more in sales tax than they
1:17.1	would be if we had an income tax to balance it.
1:20.2	And of course, the sales tax disproportionately affects poor and marginalized citizens.
1:33.3	Thank you. affects poor and marginalized citizens. Nashville, Tennessee has earned the moniker of Music City.
1:37.5	It's the home of country and the birthplace of bluegrass.
1:41.6	Its music and party scene is legendary. So too is its whiskey.
	...

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