Monday, Sept. 29, 2014 - NEWS RELEASE
San Diego - Spurred by the largest number of startup companies in San Diego since 2007, Mayor Kevin L. Faulconer today joined CONNECT CEO Greg McKee in a news conference to release an Innovation Report that details how San Diego's innovation economy is rapidly growing.
Faulconer said, "I've said that San Diego is back and open for business several times and this CONNECT Innovation Report proves it. The report contains some exciting facts that prove that our City is a hub for innovation and people are doing great research, starting amazing companies and bringing incredible opportunities to San Diego and extraordinary advancements to the world. We have great momentum, and as Mayor I am working every day to grow these opportunities so more San Diegans are employed with the good paying, quality jobs of tomorrow."
McKee said, "San Diego experienced growth across the board in the innovation economy in 2013 and we expect that trend to continue," said Greg McKee, CEO of CONNECT. "The CONNECT Innovation Report, produced bi-annually, is important because it shows the strength and impact of the innovation economy in San Diego. We're proud that we worked with over 50 percent of the start-ups in San Diego last year and we're committed to continuing to support entrepreneurs and helping them create and scale great companies in San Diego for years to come."
The CONNECT Innovation Report tracks the health of the San Diego innovation economy by comparing data year over year and quarter-to-quarter, providing a comparison across tech industry clusters of selected regions and monitoring the availability of various types of capital. The report is designed to help policymakers and trade organizations plan and advocate effectively for San Diego's innovation economy, including availability of visas and workforce training for talent in high growth clusters, building an attractive environment for capital investment, allocation of grant funding, reform of the patent system and zoning. The report also highlights San Diego as a world leader in innovation with world-class research, leadership and management talent. Some of the economic highlights in the Innovation Report showed that:
- 412 new start-ups were established in San Diego in 2013, the most start-ups in San Diego since 2007.
- 111 companies were started in the 4th Quarter, making it the quarter with the strongest growth.
- 233 of the new start-ups were software companies.
- 200 of the new start-ups were technology companies.
- 73 of the new start-ups were life sciences companies.
- 1,213 new direct jobs were created in San Diego in 2013 out of our start-up and innovation economy companies.
- 143,400 people in San Diego County are directly employed in an innovation economy company.
- 1.6 jobs are created in San Diego for each tech job.
- $109,600 is the average tech wage, as compared to the average wage in San Diego at $48,100.
Other economic investment highlights show that:
- $765 million dollars in venture capital was invested in San Diego companies in 2013.
- $960 million in National Institutes of Health (NIH) funding was garnered by San Diego institutions in 2013 making San Diego County the number one county in the State of California for NIH grants received.
- 6,788 patent applications were filed in San Diego in 2013.
- 6,370 patents were granted in San Diego in 2013.
CONNECT is an acceleration program in San Diego that creates and scales great companies in technology and life sciences sectors by creating an environment in which inventors and entrepreneurs have access to the resources they need for success. Since 1985, CONNECT has assisted in the formation and development of more than 3,000 companies and is now widely regarded as one of the world's most successful organizations linking inventors and entrepreneurs with the resources they need for commercialization of innovative products. As a result, the program has been modeled in more than 50 regions around the world.
View the full CONNECT Innovation Report
CONTACT: Charles Chamberlayne (Faulconer) at 619-453-9911 or email@example.com