If you had to guess which five states in the U.S. are the most innovative, which ones would you pick? Well, if you’re the Bloomberg U.S. Innovation Index, you’d pick Massachusetts to take top honors. You would follow that up with long-time winner California, followed by Washington state, New Jersey and…drumroll…Connecticut.
About the Innovation Index
Bloomberg Markets states that the Bloomberg U.S. Innovation Index used a 0-100 point scale to score each of the 50 states in six categories – Research & Development intensity, productivity, high-tech density, concentration of science, technology, engineering and mathematics (STEM) employment, science and engineering degree holders and patent activity. In the latest index, CT scored 77.18 out of 100. The category receiving the most points was high-tech density (22 points).
In the latest innovation index, CT scored 77.18 out of 100. The category receiving the most points was high-tech density (22 points).
One of the big drivers for innovation across these states is the presence of strong innovative companies, like Apple Inc. out of California’s Silicon Valley. Another factor is the presence of world-renowned educational institutions like The Massachusetts Institute of Technology (MIT). Bloomberg reported that close to 400 startup companies have been established in Massachusetts over the years by MIT graduates.
Driving More CT Innovation
Bonnie Stewart, Vice President, Government & Public Affairs, General Counsel for the CT Business & Industry Association (CBIA), took a closer look recently at CT’s history of innovation and the obstacles that still face the state despite its high ranking in the innovation index. The biggest challenge remains the state’s finances. If state lawmakers can pull together a budget plan that addresses CT’s uncertain fiscal environment, that’s the first big step in the right direction, said Stewart.
One initiative in particular is helping to drive more innovation here in CT is SB 1, An Act Concerning Innovation, Entrepreneurship and Connecticut’s Economic Future. The purpose of the bill is to drive greater economic health by nurturing entrepreneurs and innovation. In part, SB 1 would establish new programs that would look to increase venture capital investment throughout the state as well as extend the angel investor tax credit.
The Three Least Innovative States
In case you’re curious, the three states that rounded out the list in spots 48-50 were South Dakota, West Virginia and Mississippi. To see the complete list of most innovative states, click here.
What else could CT’s policymakers and businesses be doing to drive more innovation in CT? Share your thoughts with us.
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