Study Shows MA has the Most Great Ideas in the World

Reading reports about how Massachusetts’ economy has improved over the years is encouraging. Finding out that Massachusetts ranks highest in the world in several, key economic areas is thrilling.

This week, The Massachusetts Technology Collaborative released its annual “Index of the Massachusetts Innovation Economy,” which showed that the Bay State performed favorably not only in comparison to the nine states the Index surveyed (California, Connecticut, Illinois, Maryland, Minnesota, New Jersey, New York, Pennsylvania, and Virginia), but in comparison to twelve leading tech nations as well.

One of the Index’s most consequential findings was that Massachusetts dedicated a larger percentage of its GDP to research and development (R&D) than any other state or nation surveyed. Based on this figure, it is no wonder why Massachusetts also had the largest number of patents per capita in 2008 at 5.4 for every 10,000 citizens. The closest domestic competitor surveyed was California at 5.2 patents per 10,000 citizens, while Taiwan was the closest international competitor at 2.8 patents per 10,000 citizens.

“Massachusetts’ leadership role in research and innovation extends well beyond the US borders,’’ commented Patricia Flynn, chairwoman of the study’s advisory committee.

The Index went on to show that the once net flow of people out of Massachusetts ceased in 2008, turning instead into a net gain of nearly 4,900. Moreover, the state attracted the third most college graduates of the states surveyed. The Bay State’s own institutions churned out their fair share of diplomas too, of course. Massachusetts reported graduating more people with engineering and computer and information science degrees than any state surveyed.

Finally, continuing a streak that nearly dates back to the Index’s inception in 1997, Massachusetts ranked first in Small Business Innovation Research awards per capita. In 2008 alone, the state won $227 million towards proof-of-concept research and prototype development.

Investing the highest percentage of its GDP in R&D and having the largest number of patents per capita in the world, while concurrently winning the most Small Business Innovation Research grants per capita in the United States, is a monumental accomplishment for Massachusetts. Ideally, good will beget good, and this news will encourage more of the world’s brightest and most innovative to choose Massachusetts for college and employment.

[Sources: http://bit.ly/cFgSrf, http://bit.ly/aOiXyM, http://bit.ly/aNm1k8, http://bit.ly/aiaH52]