Mayor Faulconer Announces Continued Growth of Innovation Economy

New Report Shows Local Innovation Economy Has Grown to a Quarter of San Diego’s GDP

Thursday, September 15, 2016 - NEWS RELEASE
 
San Diego – In a newly-expanded co-working space in the heart of San Diego surrounded by some of the city’s most innovative entrepreneurs, Mayor Kevin L. Faulconer announced today the results of a new report that shows the continued growth of San Diego’s innovation economy.
 
The latest CONNECT Innovation Report shows how San Diego is creating new jobs, fostering new startups, cultivating the growth of existing businesses, attracting investment and how the innovation sector now accounts for a quarter of San Diego’s total gross domestic product. 
 
“This is further proof that San Diego’s innovation economy has matured to a point where it’s a vital part of our economic future,” Mayor Kevin L. Faulconer said. “It’s no wonder why more and more smart, creative people and businesses are choosing San Diego as their home.”
 
The report also shows the continuation of a three-year trend where San Diego has had more than 400 new startups each year ranking San Diego County fourth in the state of California for new innovation startups created. The two most prevalent types of new innovation startups were software with 255 companies created and life sciences with 82. 
 
These new companies alone accounted for the creation of 1,650 new jobs.
 
“For the past 11 years, CONNECT’s Innovation Report has acted as a roadmap for corporate leadership and policymakers to identify the region’s most pressing needs,” said Greg McKee, CEO of CONNECT. “It’s no secret that the innovation economy is critical to the region’s prosperity, but more importantly innovation is the cornerstone to ensuring that San Diego keeps its place on the global stage long into the future.”
 
CONNECT is an innovation company accelerator in San Diego that helps entrepreneurs gain access to the resources they need for success.
 
View the full report PDF icon here.