The new economics of place are driven by their ability to attract and expand science and technology assets and leverage them for economic development. State and regional economic performance is determined by how effectively it uses its comparative advantages to create and expand knowledge assets and convert them into economic value.
The Milken Institute has created an index that encapsulates a comprehensive inventory of technology and science assets that provides states with a benchmark, monitors its technology progress and can be leveraged to promote economic development. Composed of five major, equally weighted composites - Research & Development Inputs, Risk Capital and Entrepreneurial Infrastructure, Human Capital Investment, Technology and Science Workforce, and Technology Concentration and Dynamism - the State Technology and Science Index looks at the ecosystem of economic development and sustainability.
It is important to constantly innovate, start and grow firms that augment the diversity of the economic ecosystem as many big firms will likely stagnate or even disappear. Greater economic diversity lessens the chances of the entire ecosystem collapsing when dominant species (firms) become extinct.
In addition to detailed statistics on California's science and technology assets, all of which are included in this report, the Institute has put together rankings for all 50 states for all 73 measurements as a separate purchase for $195. If you would like to purchase these rankings, please contact us at 310 570-4600, or e-mail us at firstname.lastname@example.org.
If you are interested in conducting a detailed analysis of your state's ranking on the Technology and Science Index, please contact Roubina Arakelian at the Milken Institue by e-mail (email@example.com) or phone (310-570-4600). She will be glad to arrange a time for you to speak with the study's primary author, Ross DeVol, Director, Regional Economics.