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
Smart road startup Integrated Roadways launching IoT test lab with MoDOT
The Missouri Department of Transportation is looking to Kansas City-based Integrated Roadways for its tech and Internet of Things insight. As part of a 15-year agreement, the firm will serve as the department’s “IoT broker” and will build and operate a testing lab that will enable Missouri to explore the top mobile-Internet innovations, Integrated Roadways…
Startup Royal Loyal sells to Wichita coffee company
Royal Loyal, which created an app to encourage loyalty at convenience and retail stores, sold to Wichita-based Prairie Fire Coffee, Royal Loyal CEO Babir Sultan said, declining to offer a monetary value. Royal Loyal’s app allows users to save money and earn free products at various gas stations, fast food and retail stores. The application…
Sock 101 ‘makes it work’ on Project Runway, secures $250K
Apparently, Kansas City socks have significant upside with investors. After an appearance on Lifetime’s “Project Runway: Fashion Start-up,” Kansas City-based Sock 101 recently landed $250,000 from two prominent fashionistas. Designer Rebecca Minkoff and Gary Wassner, co-founder of Interluxe Holdings, a venture capital group focusing on fashion and luxury brands, both invested in the sock startup.…
TFA, AT&T deal will expand computer science education in KC
Despite the growing number of computing job openings, only 1 in 4 U.S. schools offer computer science classes, according to the White House. To expand its computer science initiative, Teach for America Kansas City announced Monday that the organization received a donation of $100,000 from AT&T’s philanthropic arm, AT&T Aspire. The partnership’s goal is to…