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L.A. ranks well for innovation and startups, in new report by U.S. Chamber of Commerce

By May 19, 2016 No Comments

Innovation Article 5-19-16The U.S. Chamber of Commerce Foundation recently ranked 25 Large American cities for innovation and startup friendliness in “Innovation That Matters” study.

The study was covered by L.A. Weekly and other local media outlets.  Here are some excerpts from the report:

“Los Angeles has the startups—and the capital—to compete. Los Angeles was one of the top regions when it came to many of the traditional metrics: companies started (4th), money invested (4th), and exits produced (4th in acquisition totals). These indicators matter, and they show the success that the LA startup scene has had in recent years.”

“When it comes to the next generation of digital startups, Los Angeles is in a strong position across the board. Strong performance in the Ed Tech (5th), Energy Tech (4th), Health Tech (5th) and Smart City tech (3rd) sectors highlight the power of the region’s digital economy. Surprisingly, its established business clusters in these sectors do not perform as well (10th, 23rd, 12th, and 21st, respectively), demonstrating that, while legacy assets matter, communities can emerge as digital era leaders in entirely new arenas.”

“Citizen and investor engagement are key elements of the ecosystem’s success, but work needs to be done to get the established business community more involved.The region ranked 1st and 6th in the first two indicators, but lack of support from institutions (14th), corporates (12th) and professional services firms (15th) suggests that entrepreneurs do not feel well plugged into the traditional business community. Lack of support from cheerleaders (16th) implies that the region is not doing a good enough job of celebrating its successes and telling its story.”

The analysis was based on the following factors:

  • Level of Talent
  • Capital
  • Industry specialization
  • Density
  • Connectivity
  • Culture

Click here to read L.A. Weekly article.  

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