Monday, April 27 2015
Report grades all 50 states and only ten earn the top title of “Innovation Champion”
“Our strong spirit of innovation is a driving force of our successful economy,” said Gov. Gary R. Herbert. “This award confirms the great state of Utah is indeed an innovative leader.”
The scorecard evaluated all 50 states and Washington, D.C. according to the conduciveness of their legal, regulatory and overall business environment to encourage innovation during the preceding year. The states were categorized into four tiers based on their score. The inaugural Innovation Champions—the highest scoring states—are Utah, Delaware, Indiana, Massachusetts, Michigan, North Carolina, South Dakota, Texas and Virginia, as well as the District of Columbia.
GOED Executive Director Val Hale received the award on behalf of the state at the award ceremony held at the National Building Museum in Washington, D.C.
“The state of Utah owes its economic success to a longstanding spirit of innovation,” Hale said. “Gov. Herbert maintains a constant philosophy of collaboration and efficiency to create an ideal business environment. Businesses, people and ideas come to Utah because it’s the place to grow.”
The Innovation Champion award comes in the same week that online HR firm Zenefits credited Utah for its rapid response in updating the state’s regulatory environment to accommodate new and disruptive technologies moving into the online marketplace.
Using established economic, educational and legislative data, the report issues grades across 10 categories. The categories are designed to be adaptive to each state’s unique environments.
According to the report, Utah offers a ready-made environment for innovators and entrepreneurs. When the state must choose between the status quo and innovation, Utah nearly always follows the path of innovation. The beehive state is a right-to-work state with tax-friendly policies, more successful business startups per capita than the national median, an educated workforce, fast Internet access and strong venture capital.
Utah was graded as follows:
The Innovation Scorecard will be annually updated to reflect states’ evolving policies and any changes in measuring innovation. The complete scorecard, featuring category rankings, state-by-state profiles and an explanation of CEA’s methodology, can be found at CE.org/scorecard.
About the Utah Governor’s Office of Economic Development (GOED)