Innovation is key to staying relevant in an ever-changing world. Thankfully, Massachusetts, particularly the Boston-area, is world-renowned as a hotbed for revolutionary ideas and for being on the cutting edge of new technology. Recently, the Ewing Marion Kauffman Foundation and the Information Technology and Innovation Foundation (ITIF) rated Massachusetts as the top state in the nation in adopting a “global, innovation-based new economy.” In decreasing order, Washington, Maryland, New Jersey, and Connecticut comprised the remaining top five states of the index. (Image courtesy: http://bit.ly/d4R6pV)“In this century, the global economy has shifted,” said Robert Litan, VP of Research and Policy at the Kauffman Foundation. “A mix of highly productive and innovative New Economy firms is necessary for an economy to prosper. The United States is lagging, and that lack of innovation-based vitality has contributed to our continuing recession. States need to concentrate on achieving New Economy success factors and providing the entrepreneurial resources and access that are critical to boosting competitiveness within the global marketplace.”
The national index was based upon 26 unique indictors in the categories of knowledge jobs, globalization, economic dynamism, transformation to a digital economy, and technological innovation capacity. All high ranking states are home to a large number of high-tech companies, have a high percentage of college-educated workers, and have high levels of entrepreneurship.
Nationally, the ideals of the New Economy were best embraced by
the Northeast, mid-Atlantic, Mountain West, and Pacific regions, according to the index. Thirteen of the top twenty states are located in the aforementioned regions. The Midwest, Great Plains, and the South, on the other hand, produced 18 of the 20 lowest ranked states. Mississippi, West Virginia, Wyoming, Arkansas, and Alabama represented the bottom five states in the index. These low ranking states tend to rely heavily on natural resources and mass-production versus innovation to maintain low prices. (Image courtesy: http://bit.ly/bLtFzq)“In today’s highly competitive environment, states must work together and with the federal government to overhaul their economic development policies,” said Dr. Robert D. Atkinson, president of the Information Technology and Innovation Foundation. “Too often, states still view their economic competitors as next door, rather than halfway around the world. If, instead, they used incentives to expand broadband, support entrepreneurial assistance programs, or invest in research and technology transfer, they – and the nation as a whole – would be far more globally competitive.”
Innovation is one of the most important ideals a state can embrace because it not only allows the state to excel now, but also infinitely into the future. It is apparent that Massachusetts will have little trouble adapting to meet the demands of a constantly changing world and global economy.
[Sources: http://bit.ly/cxyHbT, http://bit.ly/d4R6pV]
Share This Post:
