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
Gratitude inspires study of Arabic, storytelling-mission for Techweek CEO
Polished and poised, Amanda Signorelli is one part executive and two parts storyteller. As CEO of Techweek, Signorelli leads a team whose mission is to highlight and catalyze innovation hubs outside Silicon Valley. Much like Kansas City’s entrepreneurial ecosystem, Signorelli’s organization is trumpeting the message that a vibrant tech community isn’t exclusive to trendy, Bay…
Events Preview: KC Coworking Week
There are a boatload of entrepreneurial events hosted in Kansas City on a weekly basis. Whether you’re an entrepreneur, investor, supporter or curious Kansas Citian, we’d recommend these upcoming events for you. WEEKLY EVENT PREVIEW KC Coworking Week When: KC Coworking Alliance Members Where: participating locations Aug 8-12 is the official KC Coworking Week! Free drop-in coworking…
Rep. Kevin Yoder talks challenges with KC entrepreneurs
U.S. House Rep. Kevin Yoder, R-Kansas, told a group of Kansas City entrepreneurs Thursday that he has their interests at heart when he heads back to Washington D.C. in September. Speaking at the Enterprise Center in Johnson County as part of Startup Day Across America, Yoder said that he aims to make sure entrepreneurs in…
Kauffman Foundation: National startup activity (finally) on the rise
National startup activity is on the rise, according to the Ewing Marion Kauffman Foundation. The foundation on Thursday released its most recent report on the state of early-stage business in the U.S., which found that new business creation — based on three equally-weighted factors — rose to an index of 0.38 in 2016. It’s the…