In March of last year Forbes Magazine named San Diego the best city to start a business in 2014.
Apparently the magazine was onto something, as demonstrated in the recently released San Diego Innovation Report by Connect.
According to the report, which tracks and compares economic data in the region from the past year and a half, the strength and impact of the Innovation Economy in San Diego is growing and strong.
1h 2014 report saw the most new innovative Start-Ups ever created in San Diego in a 6-month period. SD entrepreneurs started a record high 228 high-tech companies, which secured $470 million in funding in the first half of last year.
The startup growth spurt includes:
• 128 Software Startups
• 43 Communications Computer & Electronics Startups
• 39 Life Science Startups
• 7 Environmental Technology Startups
The $470 million dollars in Venture capital funding was raised among 53 San Diego companies, and includes the following breakdown:
• $234 million to 20 Early Stage Companies
• $14 Million 3 Start-up Stage Companies
• $17 million 11 Connect Springboard and graduate companies
In addition to venture capital funding, companies raised $200 million in initial public offerings, $620 million in private placements and $1.6 billion in follow-on public equity offerings.
“We are delighted to celebrate the new start-ups born in San Diego, as well as the growth and expansion of the start-ups that attracted $470 million in venture capital to our region. These first half results demonstrate a thriving economy fueled by the growth of knowledge-based industries. More start-ups were founded in San Diego in the first half of 2014 than any other period in our city’s history. Additionally, more jobs were created and innovation economy jobs are higher-paying than the average job, which is great news for job-seekers.” stated Greg McKee, CONNECT’s chief executive officer.
Great news indeed, 885 new jobs at an average annual salary of $114,730 were created by San Diego start-ups created in the 1st half of 2014. This was a 40% increase over the number of new jobs created by innovation start-ups in the 1st half of 2013, and more than 50% increase over the 2nd half of 2013.
2014 marks a tipping point for San Diego, a notable time of reshaping the technology startup scene both locally and globally.
San Diego is no longer simply a vacation destination. It is a destination for dynamic startup businesses, which are invested in assembling and transforming a community of entrepreneurs and the innovation economy.
The Startup Garage team is committed to serving our Startup Community of San Diego. We are dedicated to helping make the world a better place to live, work, and play.