Presentation is loading. Please wait.

Presentation is loading. Please wait.

1 Tracking Innovation in NC Patterns and Implications for NC's Eastern Region John Hardin, Executive Director NC Board of Science & Technology www.nccommerce.com/scitech.

Similar presentations


Presentation on theme: "1 Tracking Innovation in NC Patterns and Implications for NC's Eastern Region John Hardin, Executive Director NC Board of Science & Technology www.nccommerce.com/scitech."— Presentation transcript:

1 1 Tracking Innovation in NC Patterns and Implications for NC's Eastern Region John Hardin, Executive Director NC Board of Science & Technology May 21, 2014

2 2 Importance of Innovation Innovation is the creation & adoption of new products, services, and business models to yield value Between one‐third to one-half of economic growth in U.S. can be attributed to innovation (Source: U.S. Department of Commerce 2012) A large source of innovation comes from science (systematic knowledge) & technology (practical application of knowledge) STEM (science, technology, engineering and math) drives technological innovation

3 3 Source: Moretti 2013 Innovation is Economic Engine US labor force = 66% local services, 10% innovation, 24% other But jobs in local services are more the effect, than the cause, of growth in other sectors Innovation has big (5x) multiplier effect (across sectors & skill levels) e.g., If RTI adds a biologic mfg. job in Greenville → more jobs for waiters, landscapers, store clerks, painters, etc., but not vice-versa Most important impact of RTI on local labor market is outside high-tech Best way to create jobs for all is to grow & attract high-tech companies that hire highly educated workers, particularly STEM

4 4 Source: Georgetown Center on Education and the Workforce STEM Jobs Pay More (on average)

5 5 STEM Jobs are Increasing Source: Georgetown Center on Education and the Workforce

6 6 Economic & Innovation Patterns in NC

7 7 Summarized Today: A small sample (1/4) of key indicators...

8 8 Funding Policies Facilities & Equipment Industry-University Nexus Culture & Goals of Commercialization Organizations Commercialization Funding Policies K-16 Education System Industry Training Culture & Goals of Education/Training Organizations Education & Workforce Funding Policies Facilities & Equipment Researchers Culture & Goals of Research & Development Organizations Research & Development * * Economic Well-Being & Quality of Life Innovative Organizations ( New & Enhanced) * Innovative Ideas/ Discoveries Innovative Products & Practices Ultimate Goal Innovation Ecosystem Gap Environment & Infrastructure Broadband Access Support for Education Industry Mix Cost of Living

9 9 Innovation Index Comprehensive measurement of ecosystem’s health Several purposes: Identify strengths & weaknesses Inform decisions & policy making Establish benchmarks & measure effectiveness A comprehensive & effective index should: Focus on multiple components of innovation ecosystem Include multiple indicators for each component Compare on multiple dimensions – spatially & temporally

10 10 Index Dashboard Overview Red is bad Green is good Gray is neutral

11 11 Summary Observations NC’s innovation ecosystem is moderately healthy (ranks 24 th overall) & not improving much On 27 of 38 measures, NC’s “Percent of U.S. Average Value” is below average, meaning NC underperforms nation overall Performance across indicators varies widely Innovation assets & activities are concentrated geographically (place matters) Need to understand state as a whole and differences across state Strong potential for increased innovation & commercialization

12 12

13 13

14 14

15 15

16 16

17 17

18 18

19 19

20 20

21 21

22 22

23 23 Source: Dow Jones Venture Source

24 24

25 25

26 26

27 27

28 28

29 29

30 30

31 31

32 32

33 33 Implications

34 34 Recommended Actions 1.Education a.Provide public information/exhortation/consultation b.Raise core educational attainment of all citizens at all levels c.Emphasize STEM skills in education 2.Commerce a.Strategically recruit high-tech/STEM companies b.Strategically start and grow new high-tech/STEM companies c.Strategically assist existing high-tech/STEM companies 3.Infrastructure a.Expand broadband deployment and adoption b.Enhance cultural amenities c.Link rural regions to close and/or affinity urban regions


Download ppt "1 Tracking Innovation in NC Patterns and Implications for NC's Eastern Region John Hardin, Executive Director NC Board of Science & Technology www.nccommerce.com/scitech."

Similar presentations


Ads by Google