Draper Innovation Index US June 2024

BizWorld Updates Monthly Draper Innovation Index U.S.
States Compete to Land in Top Ten of Best Places to Launch a Startup

Florida Reclaims #1 in the DII US, Passing Utah
Virginia Moves up 2 Places to 8th in Top 10
Idaho Reaches the Top 10 DII US, New Hampshire Drops Out
California, Iowa, and North Dakota Climb
Nebraska, New Mexico, and Pennsylvania Decline

Oakland, California – BizWorld announces the June 2024 update to the Draper Innovation Index U.S. (DII US), which evaluates each state’s innovation environment and entrepreneurship climate. Published monthly since 2021, the DII US provides the most well-rounded, up-to-date ranking of entrepreneurial locations, reflecting both traditional and emerging economic metrics, from taxes and regulations to venture capital investment, cryptocurrency friendliness, and blockchain investment trends.

“The impact of cryptocurrency/blockchain-related investments on this month’s rankings speaks to crypto’s growing impact on state economies,” said BizWorld founder Tim Draper. “It’s becoming clear that crypto is here to stay and has become a gamechanger. Along with other DeFi innovations, states should think intently about its potential long-term benefits and how that might align with economic strategy.”


Top Takeaways from the DII US June 2024 Update:Florida reclaimed its 1st place rank in the DII US Balanced by outperforming Utah across all metrics, especially in cryptocurrency/blockchain related investments.

  • Virginia jumped from 10th to 8th , driven by growth across nearly all DII US indicators.
  • Idaho was able to break into the DII Top 10 thanks to exceptional business formation statistics performance and above-average overall investments.
  • New Hampshire fell from 8th place to 13th due to below-average business formation trends and minimal growth in cryptocurrency/blockchain-related investments.
  • After declines in recent months, California bounced back, rising from 15th to 11th and reclaiming its top rank in the Tech Innovation scenario due to strong business formation growth, growth in cryptocurrency/blockchain-related investment, and a boom in AI innovation and startup activity.
  • Iowa saw its rank improve from 27th to 22nd due to strong overall venture capital investment trends and growth in its cryptocurrency/blockchain-related investments.
  • After its recent declines, North Dakota has rebounded from 37th to 32nd , driven primarily by positive business formation statistics.
  • After considerable progress last month Nebraska declined by 7 places due to weak business formation trends.
  • Weak business formation statistics and no growth in cryptocurrency/blockchain related investments pushed New Mexico from 27th to 30th.
    Driven lower by weakness in business formation statistics, Pennsylvania declined 3 places in the DII US from 33rd to 36th.

“As you can see, in addition to cryptocurrency and blockchain investment trends, business formation statistics played a key role in whether states climbed up or fell down the DII rankings this month,” said BizWorld Chief Economic Advisor Dr. Wallace Walrod. “Throughout this project, we’ve frequently discussed the impact of various policies on an individual state’s entrepreneurial ecosystem. At the same time, however, it’s ultimately up to the entrepreneurs and investors themselves, not policymakers, to build and grow these ecosystems.”

The DII US will continue to post monthly updates which can be accessed here.

About BizWorld is a global non-profit organization based in Oakland, CA, whose mission is to enable youth from all backgrounds to unlock the power of entrepreneurship to create career opportunities, inspire self-reliance, and build confidence that drives economic prosperity globally. Founded over 25 years ago by Silicon Valley venture capitalist Tim Draper, programs teach students real-world 21st century skills and leadership that encourage them to become responsible leaders and entrepreneurs of tomorrow. More than 850,000 students in more than 100 countries have participated in BizWorld programs.

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