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, Chattanooga tap into gigabit speeds for film contest
Ready your cameras, Kansas City. You’re serving as lead videographer in a community film contest that engages creative types and leverages the area’s high-speed, gigabit Internet. Kansas City has partnered with the City of Chattanooga, Tenn., for the “Capture: A Community Filmmaking Project,” a 48-hour project calling on citizens and film professionals to create short,…
Digital Sandbox welcomes six new startups
Digital Sandbox KC recently accepted six area companies into its incubator program that assists businesses with specific projects. The organization, whose mission is to develop businesses and help them secure additional funding, welcomed companies ranging from food service and technology to education and health. Digital Sandbox invests up to $25,000 in its program’s companies. “The…
Reboot U revives tech talent for KC startup
A growing event photography company in Kansas City is looking to the past to find the tech talent it needs to build its future. SportsPhotos.com founder Brandon Schatz is a small-business participant in the Full Employment Council’s “Reboot U” program, which provides technology training for the chronically unemployed. Schatz’s company manages photos for sporting events,…
Product Hunt enters KC market, offers onboard for entrepreneurs
A popular international product discovery platform is hoping to engage more tech entrepreneurs in the Kansas City area. Product Hunt — a website that features new products such as apps, hardware and other tech creations — recently launched a series of meetings in Kansas City in hopes of garnering more products from the area for…