How Did Your State Fare in the Bloomberg Rankings?
One new trend in innovation and entrepreneurship data is to produce a comprehensive picture of the ecosystem (see for example, these Kauffman-produced scorecards). Bloomberg followed this practice and recently analyzed data from each U.S. state and the District of Columbia to rank them on innovation.
Washington came out on top as the top state. It was followed by (in order): California, Massachusetts, Connecticut and Oregon.
Analysis of six factors produced the results:
1. Number of professionals in science, technology, engineering and mathematics as a percentage of the state's population;
2. Science and technology degree holders as a percentage of the state's population;
3. Utility patents (patents for inventions) granted by the state of origin as a percentage of the U.S. total;
4. R&D intensity: State government research and development expenditure as a percentage of the U.S. total;
5. Productivity: (1) Gross state product per employed person; and (2) three-year change in productivity;
6. Public technology companies--in industries such as aerospace and defense, biotechnology, pharmaceuticals, renewable energy, technology--as a percentage of all public firms in the state.
Data sources include: Bureau of Economic Analysis, Bureau of Labor Statistics, the National Science Foundation, U.S. Census, and U.S. Patent and Trademark Office.
Bloomberg also publishes a Global Innovation Quotient, using World Bank, World Intellectual Property Organization, Conference Board, OECD and UNESCO data. To make to the ranking, the final 96 countries had data on at least five out of these seven weighted factors:
1. R&D intensity (20%): R&D as percentage of GDP.
2. Productivity (20%): GDP per employed individual, per work hour.
3. High-tech density (20%): High-tech public companies as percentage of publicly listed companies.
4. Researcher concentration (20%): R&D researchers per million people.
5. Manufacturing capability (10%): Manufacturing value-added as percentage of GDP; products with high R&D intensity as a percentage of manufactured exports.
6. Tertiary efficiency (5%): Enrollment ratio for post-secondary students; tertiary graduation ratio of students majoring in sci-tech subjects; new graduates and tertiary-degree holders as percentages of workforce.
7. Patent activity (5%): Resident patent filings per million population and per $ million R&D expenditures.
The top 5 countries for 2013 were: 1) United States, 2) South Korea, 3) Germany, 4) Finland, 5) Sweden.
See more Bloomberg Rankings and visual data, here.
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