The resources in Madison, including its growing startup ecosystem, give entrepreneurs a competitive advantage, according to a panel discussion in the opening session of the annual Forward Technology Conference held Tuesday at the Monona Terrace.

“Companies like Murfie and SupraNet have really built a startup hub (in Madison),” Spill CEO Heidi Allstop said. She also noted the growth of resource providers such as Capital Entrepreneurs and Merlin Mentors.

Indeed, over the past six years, Madison has seen the launch of Capital Entrepreneurs, Sector67, 100state, Madworks Coworking and the Forward Festival.

According to the panel, part of the reason for this evolution is because of the growing amount of talent in the Madison area, thanks to organizations such as Epic and the University of Wisconsin.

“Epic hires great people from all over the country,” Mark Bakken of HealthXVentures said. He added that many employees stay in the city after leaving Epic and start businesses, and the low cost of living in Madison is “an advantage from a business standpoint.”

The low cost of living and the amenities in Madison, especially in downtown, have helped Exact Sciences recruit and retain talent from all over the world, according to CEO Kevin Conroy.

Exact Sciences is looking to move its headquarters to downtown, and Conroy said he hopes the new location will help improve employee engagement, another important aspect of running a successful business.

Regardless of their respective backgrounds or what stage their respective companies are in, the five speakers agreed that Madison is a good place to launch a business.

“It’s a very exciting time,” Bakken said. “The startup ecosystem is really starting to take off.”