Ohio Advances in Recent Index of Economic Future Preparedness

A recent report out by the Milken Institute shows Ohio as one of the fastest moving states up the “State Technology and Science Index.”  The ranking seeks to provide a nationwide benchmark for states to assess their science and technology capabilities, along with their ecosystems for converting these capabilities into companies providing the high-paying jobs of the future.  In the 2010 index, Ohio tied with Alaska as the states making the greatest improvements in overall rankings since the report was last issued in 2008.  Both states jumped seven spots (Ohio improved its overall position from 36th in 2008 to 29th in 2010, while Alaska went from 44th to 37th.) 

Ohio made its greatest strides in the area of Risk Capital and Entrepreneurial Infrastructure.  Ohio was the fastest moving state in 2010 in this category, jumping 20 positions (from 40th to 20th) since 2008.  Leading the state’s overall gains were a notable leap in the number of business starts – which the report describes as “skyrocketing from 49th to 15th” – and a better position in venture capital growth.  The state also jumped from 30th to 21st in academic R&D per capita. 

Quoting from the report:  “Ohio’s economy contracted more than the nation’s during the Great Recession due to its heavy dependence on traditional manufacturing industries such as autos and steel, but witnessed some clear returns on the investments that were made in its innovation economy under the auspices of the Third-Frontier Project.”

“States that got a head start on building their tech and science assets prior to the economic downturn now have healthier, more diversified economic growth engines,” said Ross DeVol, executive director of economic research at the Milken Institute and lead author of the report.

The index is thought to be one of the most comprehensive examinations of state technology and science assets ever compiled.  Rankings are based on 79 individual indicators organized under five main categories:  Human Capital Investment, R&D Inputs, Risk Capital and Entrepreneurial Infrastructure, Technology Concentration & Dynamism and Technology & Science Workforce. 

To download the full report visit: 
http://www.milkeninstitute.org/publications/publications.taf?function=detail&ID=38801259&cat=resrep