Innovation Metrics

Innovation is a key ingredient in an economy’s ability to increase the standard of living for a region’s residents. Innovation puts ideas into action with the result of increasing firms’ compensation and profits. Innovation can result in the introduction of new or better goods and services and is manifest in adopting new technologies and processes that increase productivity or lower costs.

Indexes

• Innovation Index (STATS America): A unique county-based tool for exploring regional innovation performance relative to the United States, a state or other regions. It provides a quick snapshot of how a region is doing in terms of innovation plus the ability to drill down into the highly granular data to gain a better understanding about a region’s strengths and weaknesses.

• State Technology and Science Index (Milken Institute): This index offers a state-level look at human capital; research and development; risk capital and entrepreneurial infrastructure; the technology and science workforce; and technology concentration.

• Kauffman Index of Entrepreneurial Activity (Kauffman Foundation): This index analyzes new business creation for specific demographic groups, states and select metro areas.