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
Founder of defunct Symptomly shares lessons from failure
Failure is a touchy subject. But for Derek Bereit — the former CEO and co-founder of mobile asthma tracking company Symptomly — his company’s failure was an opportunity shrouded in a difficult situation. Rather than sulking, Bereit sat down with Startland News to discuss Symptomly’s demise, the lessons it provided him and the possibilities that…
Founders discuss tough decisions entrepreneurs face
Two founders took the stage at Kansas City’s chapter of 1 Million Cups to discuss the vast variety of tough decisions entrepreneurs face when starting and running a business. Stuart Ludlow, co-founder of RFP 365 and Sarah Shipley, co-founder of BikeWalkKC, offered insights and advice for those launching a business. Read about RFP365’s recent funding…
Lenexa studio joins national coworking relief effort for Nepal
Despite the nearly 8,000 miles between them, a Kansas City-area coworking studio is helping with relief efforts in Nepal after a 7.8 magnitude earthquake destroyed hundreds of buildings and claimed thousands of lives. Lenexa-based Plexpod has joined the international “Coworking for Nepal” movement that has attracted dozens of studios to encourage fundraising for Nepal relief…
KC’s first innovation officer reflects on work, city’s tech future
After more than two years of service, Ashley Hand is leaving the driver’s seat of Kansas City’s innovation efforts. Hand, who soon will be departing as Kansas City’s chief innovation officer, was tasked with implementing innovative strategies to improve how city government can better serve Kansas Citians. The city will be accepting applications for the…