Tech startups accounted for 2% of the total share of Louisiana firms in 2016, compared to the national average of 2.9%, according to a new analysis from the Information Technology & Innovation Foundation.
The Washington, D.C.-based public policy think tank released the analysis on Tuesday, determining that the number of tech startups in the U.S. grew by 47% over the course of a decade.
Moreover, wage growth among tech startups has been higher than overall wage growth, rising 20% compared to 3%, respectively.
Distribution of tech startups varied by state, with New Hampshire, Massachusetts and California having the greatest share, at more than 4% each. South Dakota, Florida, Nevada, Montana and Arkansas rounded out the bottom five.
Additionally, the analysis found that less than 1% of Louisiana workers were employed by tech startups last year, compared to 1.2% nationally.
“All levels of government—local, state, and federal—have a role in implementing policies that can bolster technology-based startups,” ITIF says. “They can do so by crafting policies that accomplish three objectives: 1) encourage individuals to create or join technology-based startups; 2) increase survival and success rates of technology-based startups; and 3) enable technology-based startups to scale their growth faster and become larger.”
