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Blog Tuesday, April 12th, 2011
Introducing the next post in our series on the Startup Scenes across the US: San Diego!
Recession? What recession? In San Diego, startup firms are thriving the So-Cal’s sunny climate despite the dreary economy. According to The San Diego Union-Tribune, “entrepreneurs in San Diego County launched 319 tech-related companies in 2009, a 13 percent increase from the 284 created in 2008, according to a quarterly report released yesterday by Connect, a nonprofit support group for tech companies in the region.”
Despite the fall of venture capital in the fourth quarter, the San Diego job market had other successes throughout the year, according to the Connect report and the city of San Diego:
• In 2009, the city of San Diego launched of 74 technology companies, 25 pharmaceutical, biotech or medical device businesses and 29 mergers or acquisitions were completed. So, it comes as no surprise that the city has been named as a top-10 city for job growth through 2025.
• One-third of all San Diego businesses are owned by women.
• San Diego boasts the highest percentage of college graduates in California. One in three San Diego adults have a college degree and almost one-third of San Diego’s job-seekers have a bachelor’s degree.
• The volume of foreign trade in San Diego has increased by more than 17 percent every year since the early 1980′s. There are 600 companies in the region with operations in more than one country.
• San Diego has no city income taxes or utility taxes on citizens. San Diego also boasts a business tax rate that is lower than any other of the top 20 largest U.S. cities.
• The media age in San Diego’s population is 32, with two-thirds less than age 35 and only 10 percent over 65.
• “Telecommunications, software and biotech are among San Diego’s fastest growing industries,” according to the city of San Diego. The city has earned the nickname “Telecom Valley,” but other industries are also prominent. Ten percent of all publicly-traded biotech companies and 8 percent of all U.S. biotech firm are located in “America’s Finest City.”
The statics about San Diego couldn’t be brighter. Much like it’s near perfect weather, San Diego’s small business climate has contributed to a sunny outlook for startups in the area.
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