Innovators and entrepreneurs who help drive Arizona’s technology and innovation ecosystem met at the CONVERGE Tech Summit, one of the Waste Management Phoenix Open’s signature events.
Known as the “Greatest Show on Grass,” the Open is one of the most important stops on the PGA Tour. The widely attended tournament officially kicks off tomorrow in Scottsdale.
“There’s never been a better time to be in the state of Arizona,” Governor Ducey said to summit attendees. “I know as somebody from the private sector that politicians don’t create jobs. That credit goes to the entrepreneurs, the innovators, the risk takers and the investors. All the governor can do is create the environment in which jobs can be created.”
Arizona’s technology sector is one of the state’s fastest growing in the economy. Recent successes include bringing companies like ElectraMeccanica, KORE Power, Lucid Motors and TSMC to Arizona.
“Venture capital invested $1.8 billion in Arizona last year, more than two times the year before, and it’s not by accident,” said Governor Ducey, noting that Arizona recently enacted the largest tax cut in its history and now has the lowest flat tax in the country.
With a record number of jobs, the lowest unemployment rate since before the Great Recession and a balanced budget, the Governor said Arizona’s economic momentum is stronger than ever.
More than 700,000 people attend the “People’s Open” over the course of the event at its peak. With residents and visitors alike flocking to the tournament, the Open has a total economic impact of $400 million per year.
Additional examples of the surging tech sector of Arizona’s economy:
Footprint: Founded by two former Intel employees, focused on reducing the world’s dependency on single-use plastics. Now, Footprint is a giant in materials science and its name is on the stadium for the Phoenix Suns and Mercury.
CampusLogic: The education technology startup announced last month that it was acquired by Ellucian, a leader in higher education technology solutions.
EnPower: The Phoenix-based startup is engineering lithium-ion batteries for the next generation of electric mobility, making batteries that charge three times faster, have more power and last longer.
Paradox: In late 2021, Scottsdale-based Paradox was named the fastest-growing human resources technology company in the nation and the fastest-growing company in our state.
