UEDA 2015 Awards of Excellence - Research & Analysis - Measuring Innovation to Induce Innovation
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Transcript of UEDA 2015 Awards of Excellence - Research & Analysis - Measuring Innovation to Induce Innovation
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Innovation Index
Inducing
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Opportunityo USI & NSWC Crane
relationship since 2007
o Two certified technology parks at each end (Westgate & Innovation Pointe)
o New terrain interstate – I69
o Increasing need for STEM workers
o Strong manufacturing foundation and R&D presence
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Benchmarking Innovation
Global Innovation Index (GII)
• Concerned with improving the ‘journey’ to better measuring and understanding innovation
• Identify targeted policies and good practices
• Recognize important qualitative aspects of innovation policies and processes that are not captured adequately within the GII model.
Second Tier Regions• Four premises:
– Silicon Valley is the exception, not the norm. Not a replicable model
– Role of firms as surrogate research university
– Firms doing economic development & entrepreneurship
– Policies linking higher ed and other institutions
The Innovation-Entrepreneurship Nexus
• Investment in innovation capacity alone is not enough
• Need entrepreneurial activity to convert innovation assets into long-term economic gain
• Higher R&D, educational attainment, manufacturing concentration needed for higher entrepreneurial activity
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PHASE I
Business
CivicAcademia
Convene Leadership Team
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PHASE II
Build a Business Case
Widening Gap Pace of Change
NUTSHELL: We are growing, but at a slower pace than the national
indicators. We need to address this before the gaps widen at an
exponential rate to a point of no return.
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Innovation Index
Measures how well a regional economy translates knowledge and innovative capacity into prosperity
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Analyzing the RegionRegional Innovation Index (2012):
81.6Technical Workforce
Youth Migration
Clusters
Educational Attainment
Business Churn
Venture Capital and I.P.Broadband
Job Growth
Diversification of Industry
Population decline
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PHASE III
TASKFORCES
Brainpower
Civic Collaboration
Branding Experiences
Quality, Connected Places
Entrepreneurship & Innovation
Networks
INITIATIVESCHAMPIONS
Shared Strategic Framework
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I-69
Inno
vati
on
Corr
idor
Vision: Igniting prosperity in SW Indiana
and NW Kentucky.
Mission: Regional initiative focused on
driving transformational change by creating a culture and environment supportive of innovative capacity
Goal:Increase Innovation Index by
20% by 2025
Target Audience: Local and Regional Community
Economic DevelopmentEducation
Business and IndustryCivic Community
Government
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IMCP Proposal:Network for
Distributed & Sustainable
Manufacturing
Celebration of Innovation
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USI is connector
Gears working together to create traction across the region
5 Regional Entities covering 23 Counties:• Radius Indiana• Southern Indiana
Development Commission• Indiana 15 Regional Planning
Commission• Southwest Indiana • Econ Dev. Coalition• Kyndle Kentucky Network
Higher Ed Institutions:• University of Southern
Indiana• Indiana University• Ivy Tech• University of Evansville• Vincennes University• Oakland City University• Henderson Community
College• Advantage Kentucky Alliance
– WKU• Purdue
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Moving the NeedleRegional Innovation Index (2012):
81.6Regional Innovation Index (2015):
86.3
• Overall increase in educational attainment
• 47% increase in technology-based occupations share of total employment – this determines the innovative capacity
Human Capital
• 45% increase in broadband penetration
• Still significant gap in venture capital investment but increase in angel investment
Economic Dynamics
• 5 counties experienced significant growth in high tech employment share
• 600% increase in patents filed
Productivity & Employment
• Reversed average net migration from -10.5 to +1.5
• Proprietors income increased by 48.2%
Economic Well-being
76.785.581.8
86.186.5 101.3
75.1 100.8
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Gaps
Next Steps
• Communication Platform• Data Granularity• Initiative Infrastructure
• Innovation Index 2.0
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Changing the Culture
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Questions“Connectivity lays the
groundwork for empowerment and the framework for
innovation.”