Very interesting!

KingsCrowd's recent analysis of the equity crowdfunding markets across the US also shows similar small business investment patterns (e.g. a lot of the top states are similar to the VC and SBIC top states). 

Dollars invested in Regulation Crowdfunding (Reg CF) across the US in 2021:
https://kingscrowd.com/will-hawaii-become-new-silicon-valley/

It's not surprising that the amount of capital raised by state is strongly correlated to the number of Reg CF deals that launched in 2021 by state:

https://kingscrowd.com/does-population-impact-startup-formation/