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
Kansas City to host national student entrepreneur competition
Kansas City will soon host a national competition for student entrepreneurs. Set for March 6 and 7 at the Ewing Marion Kauffman Foundation the Global Student Entrepreneur Awards will bring its top 25 national finalists to Kansas City. To qualify, student entrepreneurs must be the primary operator of a business less than six years old…
Area experts dive into uncertainty and hope for immigrant entrepreneurship
Now more than ever, it’s important for the community to come together to gain new perspectives. That notion was a driving force behind the February Innovation Exchange in which Startland News dove into the subject of immigration and entrepreneurship. Hosted in partnership with Think Big, the event welcomed a researcher and a policy expert from…
Analysis from binge watching six-months of 1 Million Cups KC
Editor’s note: The opinions expressed in this commentary are the author’s alone. Every Wednesday morning in over 100 communities nationwide, two entrepreneurs present a six-minute profile of their companies to a diverse audience, followed by 20 minutes of open Q&A. Last July, I binge-watched 1 Million Cups Kansas City’s 51 presentations from January 1 to…
Listen: KC immigrant entrepreneurs share their stories
In light of recent news, Startland News focused this month’s Innovation Exchange on the intersection of immigration and entrepreneurship. U.S. immigration policy has a profound impact not only on society but also the nation’s entrepreneurial vibrancy, which prompted a discussion including a researcher and policy expert, a local immigration attorney and pair of immigrant entrepreneurs.…