Innovation Index
Inducing
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
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
PHASE I
Business
CivicAcademia
Convene Leadership Team
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.
Innovation Index
Measures how well a regional economy translates knowledge and innovative capacity into prosperity
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
PHASE III
TASKFORCES
Brainpower
Civic Collaboration
Branding Experiences
Quality, Connected Places
Entrepreneurship & Innovation
Networks
INITIATIVESCHAMPIONS
Shared Strategic Framework
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
IMCP Proposal:Network for
Distributed & Sustainable
Manufacturing
Celebration of Innovation
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
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
Gaps
Next Steps
• Communication Platform• Data Granularity• Initiative Infrastructure
• Innovation Index 2.0
Changing the Culture
Questions“Connectivity lays the
groundwork for empowerment and the framework for
innovation.”
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