For Endra, moving from Boston to Ann Arbor made good money sense.

The 3-year-old life sciences start-up set up shop in Ann Arbor last year with five people. It now employs 11 and expects to double its staff again in the next year. Ann Arbor's low cost of doing business is a big reason why that growth is possible.

"Operating here is less expensive," says Michael Thornton, COO & president of Endra. "Everything from salaries to office space is cheaper."

And then there is the talent pool. Endra also choose Ann Arbor because of its proximity to the University of Michigan and a steady stream of local graduate students. Endra, which develops a preclinical product for small animal imaging (think lab rats), plans to expand its office space within the next year to accommodate its growth.

"We're basically building out the team here," Thornton says.

Source: Michael Thornton, COO and president of Endra
Writer: Jon Zemke