In February, I published a post entitled Is California "The Biggest Loser". My reference was to Professor Lynn LoPucki's finding that "California, home to 1,210 [public] companies but state of incorporation for only 112, is the biggest loser". However, California is not last in all things. SEC economists Drs. Vladimir I. Ivanov and Anzhela Knyazeva recently issued a white paper on offering activity in the Title III crowdfunding market for offerings initiated during May 16, 2016-December 31, 2016. They found that California was the most popular state for business location and accounted for the greatest percentage (34%) of offerings. California also accounted for the "biggest share of offerings reported completed and amounts reported raised to date, 36% and 34%, respectively". Finally, California holds the greatest share (24%) of funding portals.
Delaware also received a kudos for being the most popular state for incorporation. The authors observed that "This clustering is consistent with the prevalence of Delaware incorporation among Exchange Act reporting companies and the popularity of Delaware incorporation among Regulation A+ issuers."
If you are wondering why "kudos" is singular, see this post from September 2011.