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
Paws up! Scollar aims to fetch 200 jobs for KC, trades Silicon Valley for Animal Health Corridor
Building a business in Silicon Valley might seem sexy — but it isn’t always the right choice, Lisa Tamayo said. “I don’t know what you guys hear about the Coast, but hardware is quite challenging for any company in the Bay area because a lot of these Silicon Valley folks in San Francisco only like…
Shari Young doesn’t want Blacque Onyx to be the next online sensation; she wants shoppers on Troost
While others in the marketplace might be chasing viral success online, Shari Young has approached building her new Blacque Onyx Apparel store on Troost with a more long-term strategy, she said. “I know that in the age of social media things blow up really fast and then they’re gone — I didn’t want to be…
‘This is the end of The Sundry’ — Sustainable food problem remains after startup’s closing, founder says
The Sundry market-and-restaurant concept at Plexpod Westport Commons simply wasn’t solving the problems of scope and scale within sustainable and local agriculture as intended, said Ryan Wing. Ultimately, that meant the venture itself couldn’t continue as originally envisioned, added Wing, founder of the sustainable food startup, which abruptly closed to the public last week. “Expectations…
First couple of KC Dapper Rap launching first-of-its-kind coworking space for city’s urban core
A new self-style space in Midtown is expected to offer hair, beauty and wellness entrepreneurs an opportunity to cowork under one roof without the burden of securing financing or paying for utilities, said Lauren Euston. “If you are a busy stylist or busy wellness professional and you are working hard to reach the next level…