San Diego

San Diego's Innovation Economy Growing at Explosive Rate: Report

In the past two years, San Diego startup Deskhub, a collaborative desk sharing office, has exploded in growth. 

They've had to expand their office space by 50 percent to keep up with the demand. 

"There's a lot of startup, there's a lot of innovation, there a lot of energy and I think we pull from that particularly as a satellite office of just a few people," said Greg Seremetis, who works at Deskhub. "We really feed off of all the expertise we are surrounded by. It's just a really great place to work." 

Deskhub is just one of many startups in the city growing at an explosive pace. San Diego is quickly becoming one of California's hubs for innovation and development, according to a newly released report. 

The CONNECT Innovation Report details how the city is creating new jobs, fostering start-ups and cultivating the growth of existing businesses. 

Deskhub's founder says he's seeing that trend in his office: many startup companies will rent out offices at his space and then move out, because they are growing so quickly. 

"San Diego has really been an amazing innovation start up vibe. The way people work together, the community, the culture," Jay Chernikoff, DeskHub President and CEO, said. "We've grown by 50 percent, but we probably have 10, 15 companies here that have also grown by 50 percent. They were two, three, four people, now they are six or seven."

More than 400 innovative startups and 1650 new jobs at startups were created in San Diego in 2015, according to the report. In 2015, 255 software startups started in San Diego. 

San Diego's innovation economy has grown to account for a quarter of the city's total gross domestic product. In the past year, the city has grown to be the number one new space for life science startups in the state. 

Additionally, the City has received $1.3 billion in federal grants to help fund startups and research. 

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