KC’s startup economy so-so, study says
August 3, 2015 | Bobby Burch
Kansas City for years has been making waves as an innovative community.
Launching and attracting dozens of tech ventures serving a variety of industries, the Kansas City metro’s brand as an entrepreneurial hub continues to grow. But how does it compare to other communities in the U.S.?
While focused on St. Louis, a recent report by the East-West Gateway Council of Governments aimed to answer that question. The group’s “Where We Stand” report analyzed 90 metrics such as innovation, segregation and economic opportunity.
The report looks at the top 50 cities in each category. Here are a few key findings related to innovation and startup business activity:
- Patent creation: Kansas City was granted on average 8.8 “utility patents” per 10,000 employees in 2013, giving it a No. 19 ranking in the U.S. Utility patents are issued for the invention of a new “process, machine, manufacture or composition of matter” and comprise about 90 percent of patents issued, according to the U.S. Patent and Trademark Office.
- Startup formation: Kansas City ranked as the No. 22 city for per capita startup formation, with 136.6 startups per 100,000 residents, according to the report. The U.S. average is about 130 startups per 100,000 residents.
- Venture capital investments: In 2014, Kansas City ranked as the No. 31 city for venture capital investment per employee in dollars, with about $90 per employee. For comparison, St. Louis on average had about $95 per employee (No. 28 ranking), Denver about $363 (No. 9 ranking) and San Francisco $8,002 (No. 1 ranking).
- STEM employment: In 2011, about 20.4 percent of all Kansas City jobs required science, technology, engineering or math skills, ranking it No. 28 in the nation. About 22 percent of St. Louis jobs required STEM expertise (No. 14 ranking), Austin about 22.7 percent (No. 10 ranking) and San Jose 33.2 percent (No. 1 ranking).
- High-speed Internet: About 10 percent of Kansas City’s population has access to gigabit Internet, earning it a No. 13 ranking. About 14 percent of Chicago has access to such speeds (No. 9 ranking) Salt Lake City about 40 percent (No. 4 ranking) and Providence about 64 percent (No. 1 ranking).
Featured Business
2015 Startups to Watch
stats here
Related Posts on Startland News
In an oversubscribed round, PopBookings raises $1M
Quickly expanding around the nation, the event staffing tech firm PopBookings recently raised a significant round that will push the technology into international markets. Led by CEO Erika Klotz and COO Scott Hanson, the Kansas City-based tech firm recently raised more than $1 million in an oversubscribed round that includes the Missouri Technology Corporation, iSelect…
UMKC nonprofit center lands $396K Kauffman Foundation grant
The Ewing Marion Kauffman Foundation announced Wednesday it will renew its support in University of Missouri-Kansas City organization that helps area nonprofits thrive. The foundation has gifted $396,800 to the UMKC-based Midwest Center for Nonprofit Leadership, whose mission aims to expand the capacity of nonprofit organizations across the greater metropolitan region. The grant will be…
Sprint Accelerator alum and AI firm Centiment to begin KU Med partnership
New York-based artificial intelligence firm Centiment recently announced that the firm has established a research partnership with the University of Kansas School of Medicine. The neuroscience study will focus on two areas of the brain — the limbic system and the prefrontal cortex — and will scan the brains of people while they consume content, looking for…
Report: Missouri is a top 10 state to launch a business
A recent study dubbed Missouri as one of the top 10 states to start a business. The report was assembled by personal finance website WalletHub and aimed to determine which region held the most fertile grounds for launching an enterprise. Evaluating all 50 states’ business environments, access to resources and business costs, the report ranked…