MA Ranked as Most Innovative State in U.S.
Thursday, March 22, 2018
“Innovation is a principal driver of U.S. economic growth. In 2018, the U.S. will spend an estimated $553 billion on research and development — more than any other country in the world and over 25% of the world’s total — helping the nation rank No. 4 on the Global Innovation Index. According to the results of the ranking, knowledge, and technology outputs are America’s particular strengths,” said WalletHub.
MA’s Rankings
- 1st - Human Capital
- 2nd Best - Innovation Environment
- 4th - Highest Share of STEM Professionals
- 5th - Highest Projected STEM-Job Demand by 2020
- 4th Best - 8th Grade Math and Science Performance
- 5th - Highest Share of Science & Engineering Graduates Ages 25 +
- T-1st- Highest R&D Spending per Capita
- 3rd - Fastest Average Internet Speed
- T-1st - Highest Venture-Capital Funding per Capita
The Rankings
The top five are:
1. Massachusetts
2. Maryland
3. Washington
4. District of Columbia
5. California
51. Mississippi
See the full Rankings in the Map Below
The Method
In order to determine the most and least innovative states, WalletHub compared the 50 states and the District of Columbia across two key dimensions, “Human Capital” and “Innovation Environment.”
They evaluated those dimensions using 22 relevant metrics, which are listed below with their corresponding weights.
WalletHub then determined each state’s weighted average across all metrics to calculate its “State Innovation Index” and used the resulting scores to rank-order our sample.
Human Capital – Total Points: 50
- Share of STEM Professionals: Double Weight (~14.29 Points)
- Share of Science & Engineering & Related Fields Graduates: Full Weight (~7.14 Points)
- Projected STEM-Job Demand by 2020: Full Weight (~7.14 Points)
- Scientific-Knowledge Output: Full Weight (~7.14 Points)
- Eighth-Grade Math & Science Performance: Full Weight (~7.14 Points)
- AP Exam Participation: Full Weight (~7.14 Points)
Innovation Environment – Total Points: 50
- Share of Technology Companies: Double Weight (~5.13 Points)
- R&D Spending per Capita: Double Weight (~5.13 Points)
- R&D Intensity: Full Weight (~2.56 Points)
- Invention Patents per Capita: Full Weight (~2.56 Points)
- IP Services Exports as a Share of All Services Exports: Full Weight (~2.56 Points)
- Business Churn: Full Weight (~2.56 Points)
- Jobs in New Companies: Double Weight (~5.13 Points)
- Net Migration: Full Weight (~2.56 Points)
- Entrepreneurial Activity: Full Weight (~2.56 Points)
- Tax-Friendliness: Double Weight (~5.13 Points)
- Industry-Cluster Strength: Full Weight (~2.56 Points)
- Open Roads & Skies Friendly Laws: Half Weight (~1.28 Points)
- Average Internet Speed: Full Weight (~2.56 Points)
- Share of Households with Broadband Internet Access: Full Weight (~2.56 Points)
- Venture-Capital Funding per Capita: Full Weight (~2.56 Points)
- Average Annual Federal Small-Business Funding per GDP: Full Weight (~2.56 Points)
Related Articles
- Smart Benefits: Small Businesses Beware of Proper Worker Classification
- Business Innovation Factory Announces #BIF2017 Media Partner With GoLocal24 - Will Live Stream
- MA Health Connector Launches 1st Phase of Small-Business Website
- Blackstone Valley Chamber to Host Business & Breakfast Meeting
- Organize + Energize: 10 Organizing & Efficiency Tips for Small Business Owners
- Two Worcester Small Businesses Receive $525K in Funding
- 10 Realities Every Business Needs to Know About the State of Media in 2017
- Horowitz: As Trump Abdicates Climate Leadership, Governors, Mayors & Business Leaders Step-up
- Worcester Chamber to Hold Seminar on Business Reporting Requirements
- The Best States to Start a Business - See Where MA Ranks
- Better Business Bureau Offers Tips on Stopping Scammers From Constantly Calling
- Warren Asks Former Equifax CEO Smith if Breach Created Business Opportunities
- MA Health Connector Visits Worcester Businesses to Promote Open Enrollment
- Better Business Bureau Warns of “Is This You” Facebook Scam
- Clark’s Grad School of Management Recognized as a Top Business School
- Newport Manners & Etiquette: Bridezilla, Acing the Business Lunch & Easier Job Hunting
- Better Business Bureau Warns of Online Dating Scams
- MA Health Connector Announces Partnership With New England Business Association
- Small Business Association’s Emerging Leaders Initiative to be Held in Worcester
- Better Business Bureau Offers Tips on Creating a Budget in 2018
- MA Ranked as One of Most Friendly States in U.S. for Small Business
- MA Health Connector Launches Small Business Website
- MA Health Connector for Business Visits Employers & Workspaces During Launch Week
- Better Business Bureau Offers Tips for Those Signing Up for Gym Memberships
Follow us on Pinterest Google + Facebook Twitter See It Read It