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Companies backed by venture capital play an important role in economic growth. Estimates attribute 16.6 percent of national Gross Domestic Product and 9 percent of national private sector employment to them. Many technology-oriented startup firms will need venture capital in order to successfully grow and create significant numbers of new jobs.
Annual venture capital dollars invested in the Pittsburgh region in 2014 totaled $338 million, a year-over-year increase of $199 million. Pittsburgh ranks above the Benchmark average of $114 million but below benchmark peers such as Philadelphia and Minneapolis.
In addition to our traditional set of 14 benchmark regions, we also look at venture capital investment in "aspirational regions," including Austin, Denver, and Raleigh-Durham. San Fransciso, which is an outlier, as well as Boston and New York are also included. These six regions are not included in the benchmark average.