July 17, 2024
Draper Innovation Index US July 2024
BizWorld Updates Monthly Draper Innovation Index U.S. States Compete to Land in Top Ten of Best Places to Launch a Startup
North Carolina Overtakes Colorado for 4th in the DII US
New Hampshire Pushes Idaho Out of DII US Top 10 California Slips 2 Places to 13th
Maine, Missouri, and Nebraska RiseConnecticut, Kansas, New Jersey, Wisconsin, and South Carolina Fall
Oakland, California – BizWorld announces the July 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.
“Venture Capital investment statistics played a major role in states rising or declining in the Draper Innovation Index US rankings this month,” said BizWorld founder Tim Draper. “This is as it should be, as the ability to attract new investment focused on entrepreneurship and innovation is a key indicator that says a lot about a state’s overall economic health – and how that economy is perceived around the world. At the end of the day, investors put their money where they see the best potential for economic growth and innovation, which is why both traditional venture capital and blockchain investments are key parts of our
Top Takeaways from the DII US July 2024 Update
- North Carolina overtook Colorado for 4th place overall due to its higher overall venture capital investments and stronger business formation performance.
- New Hampshire broke back into the DII Top 10 thanks to comparatively higher growth in overall venture capital investments.
- Despite relatively strong business formation statistics, weakness in overall venture capital investments pushed California lower, from 11th to 13th in the DII Balanced, from 1st to 2nd in Tech Innovation, and from 21st to 24th in Regulatory and Tax.
- Idaho fell from 10th place to 12th in the Balanced scenario due to weaknesses in cryptocurrency/blockchain-related investments and business formation statistics.
- Fueled by the second largest increase in overall investments, Maine saw the largest improvement in the DII US, jumping from 37th to 30th while also improving from 43rd to 37th in Tech Innovation and from 33rd to 28th in Regulatory and Tax.
- Missouri saw the single largest increase in cryptocurrency/blockchain-related investments, which pushed it from 21st place to 15th on the Balanced rankings.
- Nebraska rose from 42nd to 39th in the Balanced scenario because its overall investment growth offset weaker business formation statistics.
- New Jersey’s weak business formation statistics led to declines in all three scenarios: 3 places in the DII US Balanced, 4 places in Tech Innovation, and one place in Regulatory and Tax.
- With no growth in cryptocurrency/blockchain-related investments and comparatively worse performance in business formation statistics, South Carolina fell by three places in the Balanced scenario.
- Connecticut fell 4 places in the DII US as growth in overall venture capital investments failed to offset weak performance in business formation statistics.
- Kansas dropped from 31st to 35th in the DII US due to a combination of no growth in cryptocurrency/blockchain-related investments and below-average performance in business formation statistics.
- Dropping 3 places in both DII US Balanced and Regulatory and Tax scenarios, as well as 4 places in Tech Innovation, Wisconsin dropped 3 places due to weakness in cryptocurrency/blockchain - related investments and ibusiness formation metrics.
“Maine saw the largest increase this month,” said BizWorld Chief Economic Advisor Dr. Wallace Walrod. “It climbed up all DII US three scenarios. Missouri and Nebraska also saw significant growth in the DII US rankings while Delaware and Utah remained in the top ten and were joined by New Hampshire. Smaller states, in other words, can achieve quite a bit of economic success by creating thriving entrepreneurial and innovation ecosystems. Large state economies do not have a monopoly on growth or innovation.”
The DII US will continue to post monthly updates which can be accessed here.
About BizWorld
BizWorld.org 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, BizWorld.org 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. https://www.bizworld.org/
