San Diego entrepreneurs started a record 228 high-tech companies and venture capitalists provided $470 million in financing in the first half of last year, according to a new report.
The report by CONNECT, San Diego’s original startup accelerator, shows the growth and dynamism of San Diego’s innovation economy.
“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,” said Greg McKee, CONNECT’s chief executive officer.
Among the other findings in the Innovation Report for San Diego County covering the first half of 2014 were:
- Most startups, 128 in all, were in software, followed by 43 in electronics, computers and communications, and 39 in life sciences.
- Startups created 885 news jobs at an average annual salary of $114,730.
- A total of 3,334 patents were granted to San Diego-area companies, the largest number in Southern California and just behind two counties in Silicon Valley.
- 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.
- A total of $392 million in grant funding went to startups, almost half of it from the National Science Foundation.
CONNECT has assisted in the formation and development of more than 3,000 companies since 1985.