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
Project UK’s teen bootcamp turns problems into pitches, founders say
Giving teens the freedom to solve problems can be transformational, said Rebecca Dove. “It is believed that this generation will be more entrepreneurial-minded and want to have more freedom in their careers,” said Dove, co-founder of Project United Knowledge, which last week debuted its first Entrepreneurial Bootcamp. “So we’re just trying to rip out a…
Boosted by Troost, Ruby Jean’s pressing ahead with YMCA, grocery, Atlanta deals
It’s Troost location will be a model for Ruby Jean’s expansion, said Chris Goode, but the juicery’s growth won’t be limited to standalone, brick-and-mortar sites. “Ideally, the way we truly scale is our wholesale model,” said Goode, founder of the health and fitness-focused Kansas City-born business. “I’m in talks right now, trying to get it…
MindSport drives down the court with mindfulness and meditation app for athletes
Pressure doesn’t equal present, said Ryan Stock. Modern lifestyles that emphasize always being on-the-go only contribute to stress and anxiety, the MindSport founder added. “No matter what industry you’re in … it’s just part of Western culture,” he said. “I think it’s magnified in athletics because there’s so much pressure, because there’s so much money.”…
Edison Spaces launching second location focused on flexible offices for startups
Edison Spaces, a firm that offers flexible, private offices to entrepreneurs and small businesses, plans to open its second Johnson County location this summer. Focused on offering short-term lease options, Edison Spaces is launching its second locale in August at 7900 College Boulevard, on the corner of College and Metcalf. Owned by Kansas City entrepreneurs…