Thursday, June 01 2017
California has the most innovative economy in the world. The state is home to legendary tech giants such as Apple ($635 billion) and Google ($561 billion) that have consistently dominated the list of most valuable companies, as well as 51 Fortune 500 companies and seven of the 20 highest ranking global brands. Thanks to a prestigious talent pool, a mass of resources, and a social climate geared toward progressive thinking, California provides the perfect breeding ground for innovation at its finest.
The first concern that most business owners have about relocating to California is that it is one of the most expensive states in the country. Taking California state taxes and regulations into account, California is still the most profitable state in the country and is 2156 percent more profitable than Texas, 38 percent more profitable than New York, and 291 percent more profitable than Philadelphia.
But what if you’re not a technology behemoth bringing in billions in revenue a quarter? Even if you remove technology and telecommunications companies from the equation, California is still the most profitable in the country.
Profitability Allows for Innovation
California is the West Coast Capital of Education
Stanford is the #5 ranked university nationally according to U.S. News & Reports, and a study by Reuters named it the “World’s Most Innovative University.” The list also including the University of California system, ranking them at #13. UC Davis is ranked #1 in plant and animal sciences in U.S. News and World Report’s “Best Global Universities” report, as well as ranking #1 for veterinary studies. The California institute of Technology (CalTech) is known as one of the world’s leading scientific research and teaching universities. California schools occupy five of the top 50 slots on the Forbes list of "America’s Best Schools." The high concentration of incredibly talented graduates allows for a constant flow of new innovation all across the state, from San Diego to the Silicon Valley.
Silicon Valley–Tech Hub of the World
The area is also responsible for 77 percent of the state’s venture capital investment and 87 percent of the state’s angel investment, as well as over half of the state’s patent registrations and IPOs. This kind of economic impact identifies the Silicon Valley as the innovation capital of the world.
While the Silicon Valley remains the technological hub of the world, expanding business and growth means limited space. As the Valley begins to overflow, the Capital Region of California is becoming a shared marketplace, taking on a new role as the gateway to the Silicon Valley and one of the nation’s newest technology hotspots. The Greater Sacramento region is experiencing a start-up boom, and fresh initiatives and investments are the key to transforming this space into yet another cutting edge city in the Golden State.
The Northern California Megaregion marketplace consists of over 12.2 million people and a regional GDP higher than any other megaregion in the United States. As the capitol of the 6th largest economy in the world, there is a reason the Sacramento region has been attracting so many new businesses.
The City of Sacramento recently partnered with 500 startups to develop the startup ecosystem in the city and encourage entrepreneurs and businesses to grow in the Greater Sacramento Area. This partnership is expected to increase direct foreign investment in Sacramento and to position the city's tech sector to make game-changing advances.
Visit http://www.expansionsolutionsmagazine.com/california_ed for local economic development office directory listings.