Pittsburgh's transition from a steel town to a center for advances in technology, particularly IT technology, has been profound.

"There's definitely something special going on here," said Audrey Russo, president and CEO of the Pittsburgh Technology Council. "Entrepreneurial success is happening everywhere. Success is happening in Detroit. Good things are happening in Topeka, Kansas. But there is no way it's happening like it is here."

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Carnegie-Mellon University itself has spawned 77 start-ups since 2000. And that is just the tip of the iceberg.