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Indicators of Innovation: County and Regional Data

Indicators of Innovation: County and Regional Data. Indiana Business Research Center. Crossing the Next Regional Frontier. Motivation Rural regions at disadvantage in today's knowledge-based, innovation-driven economy Objective

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Indicators of Innovation: County and Regional Data

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  1. Indicators of Innovation: County and Regional Data Indiana Business Research Center

  2. Crossing the Next Regional Frontier • Motivation • Rural regions at disadvantage in today's knowledge-based, innovation-driven economy • Objective • Provide tools to measure and promote development in a rapidly changing global economy • Indicators of innovation at county level • Users can define their own regions as self-selected combinations of counties • Outcome: Portfolio or “Super” Innovation Index • Future Research: Which indicators seem to matter most and to what type of counties/region?

  3. Standing on the Shoulder of Giants EUROPEAN INNOVATION SCOREBOARD: Comparative Analysis of Innovation Performance • Input – what drives innovation • Input – what creates knowledge • Input – innovation & entrepreneurship • Output – applying innovation • Output – intellectual property • Indicators of innovation are equally weighed • absence of a better system

  4. Standing on the Shoulders of Giants:EUROPEAN INNOVATION SCOREBOARD INPUT – What Drives Innovation • Population with tertiary education per 100 population aged 25-64  • S&E graduates per 1000 population aged 20-29  • Broadband penetration rate (number of broadband lines per 100 population) • Participation in life-long learning per 100 population aged 25-64  • Youth education attainment level (% of population aged 20-24 having completed at least upper secondary education) 

  5. Standing on the Shoulders of Giants:EUROPEAN INNOVATION SCOREBOARD OUTPUT – Applying Innovation • Employment in high-tech services (% of total workforce)  • Exports of high technology products as a share of total exports  • Sales of new-to-market products (% of total sales) CIS • Sales of new-to-firm products (% of total sales) CIS • Employment in medium-high and high-tech manufacturing (% of total workforce) 

  6. Standing on the Shoulder of Giants THE 2007 STATE NEW ECONOMY INDEX: Benchmarking Economic Transformation in the States (Atkinson and Correa, Kaufmann Foundation, 2007) The 2008 edition builds on their previous work. What is new about the New Economy? 26 indicators, 5 categories • Knowledge jobs • Globalization • Economic dynamism • Transformation to a digital economy • Technological innovation capacity

  7. Standing on the Shoulders of Giants:THE 2007 STATE NEW ECONOMY INDEX Economic dynamism: • Number of fast growing “gazelle” companies  but forthcoming… • Degree of job churning  • Number of Deloitte Technology Fast 500 and Inc. 500 firms  • Value of initial public stock offerings (IPOs) by companies  • Number of entrepreneurs starting new businesses  • Number of individual inventor patents issued

  8. Kauffman Foundation Innovation Index (2007)

  9. Measuring Innovation at County Level Crossing the Next Regional Frontier • Timely, publically available data (mostly) • County level data needed to create custom, user-defined regions • Many regions cross state lines

  10. Crossing the Next Regional Frontier Innovation Defined • Innovation puts ideas into action • new or improved goods and services • new technologies and processes • increases value & productivity • increases profits and/or compensation • Incremental or radical • Ability to move from lower value-added production to higher value-added production

  11. Measuring Innovation Innovation Index Five categories, 21 measures (sort of) • Input—human capital • Input—economic dynamics • Input—state context (not county-level) • Output—productivity and employment • Output—economic well-being

  12. Innovation Categories:Human Capital • Measures the capacity of the population to engage in innovative activities • Annual average population growth rate, ages 25-44 • Percent of the population with some college or an associate’s degree • Percent of the population with a bachelor’s degree or higher • Percent of jobs in technology-based knowledge occupation clusters • High-tech employment share of total employment

  13. Innovation Categories:Economic Dynamics • Measures the local resources available to entrepreneurs and businesses to encourage innovation • Average venture capital investment • Average private research and development funding • Broadband density and penetration • Establishment churn • Average small establishments per worker • Average large establishments per worker

  14. Innovation Categories:Productivity and Employment • Measures economic progress and direct outcomes of innovation • Job growth • Change in share of high-tech employment • Gross domestic product per worker • Change in gross domestic product per worker • Average patents per 1,000 workers

  15. Innovation Categories:Economic Well-Being • Measures regional desirability and changes in the standard of living • Average poverty rate • Average unemployment rate • Average net migration • Per capita personal income growth • Change in annual wage and salary earnings per worker • Change in proprietors’ income per proprietor

  16. Innovation and the Practitioner • Select or construct other benchmark regions • Drill down to detailed data • Assess strengths and weaknesses • Engage regional stakeholders • vision building • strategic action Where do you go? • Crossing the Next Regional Frontier http://www.statsamerica.org/innovation

  17. Crossing the Next Regional Frontier • Innovation Index • Occupational Cluster Analysis (human assets) • Public Investment Analysis Regional Engagement

  18. “Super Index” consists of five categories of indices Click to drill down

  19. Click on the measure to view the underlying county-level data that make up the index

  20. Detailed data for the selected regions and the counties that comprise the regions

  21. Innovation Index: Human Capital

  22. Innovation Index: Human Capital

  23. Innovation Index: Economic Dynamics

  24. Innovation Index: Productivity & Employment

  25. Innovation Index: Economic Well-Being

  26. Innovation “Super” Index

  27. Innovation “Super” Index

  28. Innovation “Super” Index

  29. Distribution of “Super” Index

  30. Innovation Index: The Next Step • Indices and indicators are motivated by a rationale about what contributes to innovation • But many indices, like the European innovation measure, are a collection of equally weighted measures • Which indicators matter most? • Do the county/region characteristics matter? • Defining a dependent variable • Results will vary depending on how one defines the result of innovation

  31. Crossing the Next Regional Frontier http://www.statsamerica.org/innovation • Indiana Business Research Center • Kelley School of Business • Indiana University • Timothy Slaper • tslaper@indiana.edu

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