Evolution of Startup Paradise
Startup companies and venture capital firms are not new to Hawai‘i, but their recent growth and success is. While there has long been a fledgling startup ecosystem in the islands, Hawai‘i’s innovation economy finally found its feet in 2013 when major stakeholders—government, private-sector investors, accelerators and the University of Hawai‘i—aligned under the branding initiative now known as Startup Paradise. Since then, 145 startups from Hawai‘i and the mainland have raised more than $250 million in total capital. Over 1,000 jobs have been created, and in 2016 there were even two successful exits. How can Startup Paradise keep growing and supporting new startups? New talent and more money, of course. Stakeholders are also looking to bring corporate entities under the umbrella.
BUSINESS IN STARTUP PARADISE by industry
- Software 39%
- Energy 32%
- Life Science/Health Care 5%
- Agriculture/Water 6%
- Media 11%
- Hardware/Product 6%
STARTUP PARADISE MILESTONES
- In 2016, the average capital per startup was $1.7 million. Startups in Hawai‘i generated OVER $250 MILLION of total capital (revenue plus funding) in the last four years.
- Approximately 145 STARTUPS have gone through Hawai‘i’s four main accelerator programs over the last four years, two of which have made successful exits.
- Of the 145 startups, 87 are Hawai‘i-based companies —that’s 60%.
- 114 STARTUPS are STILL ALIVE and growing.
- There were 18 startups in 2013, 30 in 2014, 48 in 2015 and 49 startups in Startup Paradise in 2016.
- Startup Paradise startups have generated $44.8 million in revenue over the last four years.
