Tech and innovation markets are synonymous with big coastal cities like Silicon Valley and New York, but in the heartland St. Louis continues to earn national credibility as one of the hottest up and coming tech markets in the U.S.
A recent article in the St. Louis Business Journal reports that financial services titan JPMorgan Chase identified BioSTL as a national model for developing innovation strategies to support economic growth. The report gives BioSTL a big boost for its efforts in building a STEM talent pipeline and its early involvement with the Cortex Innovation District, now a national model for innovation. It also recognized BioSTL’s BioGenerator incubator and fund for investing upwards of $13 million in portfolio companies, and its GlobalSTL initiative for persuading several international companies to relocate their North American headquarters in St. Louis.
In addition to JPMorgan’s acknowledgement of St. Louis’ innovation scene, the City also recently received a nod from PC Magazine for being a top 14 U.S. city for high-tech careers. With average tech salaries at $83,177, St. Louis has been deemed the “new start-up frontier”, particularly when it comes to healthcare and women-owned start-ups.
What’s Next for St. Louis?
St. Louis has millions of square feet already dedicated to the tech industry, and the growth and development is only expected to intensify in the coming years. Two significant expansion projects at Cortex and the Danforth Plant Science Center will account for much of the new real estate coming to market, while new tech start-ups spread throughout the City will contribute more growth as well.
St. Louis has long been known for its affordable real estate and low cost of living, but now the region’s burgeoning innovation scene is helping the City to reinvent itself as the Gateway to Innovation.