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Tracking Innovation in NC
Patterns and Implications for NC's Eastern Region
John Hardin, Executive Director NC Board of Science & Technology
www.nccommerce.com/scitechMay 21, 2014
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Importance of Innovation• Innovation is the creation & adoption of new products, services,
and business models to yield value
• Between one third to one-half of ‐ economic growth in U.S. can be attributed to innovation (Source: U.S. Department of Commerce 2012)
• A large source of innovation comes from science (systematic knowledge) & technology (practical application of knowledge)
• STEM (science, technology, engineering and math) drives technological innovation
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3Source: Moretti 2013
Innovation is Economic Engine
• US labor force = 66% local services, 10% innovation, 24% other
• But jobs in local services are more the effect, than the cause, of growth in other sectors
• Innovation has big (5x) multiplier effect (across sectors & skill levels) • e.g., If RTI adds a biologic mfg. job in Greenville → more jobs for waiters,
landscapers, store clerks, painters, etc., but not vice-versa
• Most important impact of RTI on local labor market is outside high-tech
• Best way to create jobs for all is to grow & attract high-tech companies that hire highly educated workers, particularly STEM
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4Source: Georgetown Center on Education and the Workforce
STEM Jobs Pay More (on average)
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STEM Jobs are Increasing
Source: Georgetown Center on Education and the Workforce
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Economic & Innovation
Patterns in NC
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Summarized Today:
A small sample (1/4)
of key indicators. . .
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• Funding• Policies• Facilities & Equipment• Industry-University Nexus• Culture & Goals of
Commercialization Organizations
Commercialization
• Funding• Policies• K-16 Education System • Industry Training • Culture & Goals of
Education/Training Organizations
Education & Workforce
• Funding• Policies• Facilities & Equipment• Researchers• Culture & Goals of
Research & Development Organizations
Research & Development
* *Economic
Well-Being & Quality of Life
Innovative Organizations (New & Enhanced)
*Innovative
Ideas/Discoveries
Innovative Products & Practices
Ultimate Goal
Innovation Ecosystem
Gap Gap Gap
Environment & Infrastructure
Broadband Access
Support for Education
Industry Mix
Cost of Living
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Innovation Index• Comprehensive measurement of ecosystem’s health
• Several purposes:
• Identify strengths & weaknesses
• Inform decisions & policy making
• Establish benchmarks & measure effectiveness
• A comprehensive & effective index should:
• Focus on multiple components of innovation ecosystem
• Include multiple indicators for each component
• Compare on multiple dimensions – spatially & temporally
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Index Dashboard Overview
Red is bad
Green is good
Gray is neutral
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Summary Observations• NC’s innovation ecosystem is moderately healthy (ranks 24th
overall) & not improving much
• On 27 of 38 measures, NC’s “Percent of U.S. Average Value” is below average, meaning NC underperforms nation overall
• Performance across indicators varies widely
• Innovation assets & activities are concentrated geographically (place matters)
• Need to understand state as a whole and differences across state
• Strong potential for increased innovation & commercialization
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23Source: Dow Jones Venture Source
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Implications
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Recommended Actions1. Education
a. Provide public information/exhortation/consultationb. Raise core educational attainment of all citizens at all levelsc. Emphasize STEM skills in education
2. Commercea. Strategically recruit high-tech/STEM companiesb. Strategically start and grow new high-tech/STEM companiesc. Strategically assist existing high-tech/STEM companies
3. Infrastructurea. Expand broadband deployment and adoptionb. Enhance cultural amenitiesc. Link rural regions to close and/or affinity urban regions