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
KC selected as part of $42M data initiative
The City of Kansas City, Mo., plans to boost its tech tools thanks to its recent acceptance into a national initiative to improve government data programs. Bloomberg Philanthropies announced Wednesday that Kansas City was selected as part of its $42 million “What Works Cities” program. The initiative aims to help Kansas City and seven other…
Modern Coalition app ‘gamifying’ politics raises $350K
U.S. Congress is doing a lousy job. At least that’s what 78 percent of Americans thought in July, according to Gallup. The research group theorizes that such dissatisfaction is not only resulting in lower voter turnout, but also generally less political engagement — particularly among young people. Kansas City-based Modern Coalition, however, is hoping to…
New report crowns the ‘Silicon Prairie’ capital
The Windy City was again named the capital of the so-called Silicon Prairie region. Chicago ranked No. 7 in the 2015 Global Startup Ecosystem Ranking, a report compiled by market research firm Compass. The United States dominated the list, which crowned Silicon Valley as No. 1, followed by New York City, Los Angeles and Boston,…
Events Preview: Perfect your pitch, IOTSummitKC
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 The Angel Series: Pitching to Investors When: July 30 @ 6:00 pm – 8:00 pm Where: Enterprise Center of Johnson County Learn…