Last modified: Tuesday, February 15, 2011
IU's economic development initiatives help boost state's ranking in technology, science index
FOR IMMEDIATE RELEASE
Feb. 15, 2011
INDIANAPOLIS -- Indiana University has been recognized as a force behind the state of Indiana's climb up the Milken Institute's State Technology and Science Index, specifically in a component of the index involving risk capital and entrepreneurial infrastructure, where the state moved to 19th place, up from 37th.
Overall, Indiana moved to 28th place in the 2010 State Technology and Science Index, up from 33rd place two years ago. The index tracks and evaluates each state's technology and science capabilities and its success converting these assets into companies and high-paying jobs. The Milken Institute is a nonprofit, independent economic think tank based in Santa Monica, Calif.
The report noted that Indiana gained across several categories but credited the risk capital and entrepreneurial component for the bulk of the overall improvement. This component includes different measures of venture capital as well as patenting activity, new businesses formed and initial public offerings, which combined, according to the institute, determine a state's success at turning research into services and products.
According to the "Biggest Gainers" section of the report, "Indiana University has grown more aggressive in supporting new firm birth, launching a venture capital fund to invest in technology start-ups and dedicating a new Innovation Center in late 2009." The state ranked fourth in venture capital growth in 2010, gaining ground in both venture capital relative to gross state product (from 26th to 17th) and business start-up rates (also 26th to 17th).
"Indiana University has put a lot of effort into strengthening our culture of innovation and entrepreneurship. It's rewarding to see that these efforts over the past few years have been recognized as helping to significantly improve Indiana's ranking in the Milken index," said Tony Armstrong, associate vice president for engagement at IU and president and CEO of IU Research and Technology Corp. "As we implement plans for new facilities and programs, I hope these contributions will help Indiana's rankings grow further."
The index looks at 79 unique indicators that are categorized into five components: risk capital and entrepreneurial infrastructure (Indiana ranked 19th, up from 37th), research and development inputs (29th, up from 30th), human capital investment (30th, up from 35th), technology and science work force (39th, down from 31st), and technology concentration and dynamism (29th, down from 27th).
The index considers top-ranked states to be "engines of economic growth in the knowledge economy." The overall top 10 states, beginning with the best ranked, are Massachusetts, Maryland, Colorado, California, Utah, Washington, New Hampshire, Virginia, Connecticut and Delaware.
The 2010 State Technology and Science Index can be viewed at https://www.milkeninstitute.org/publications/publications.taf?function=detail&ID=38801259&cat=resrep.
For more information, contact Rebecca Carl at 317-321-1446 and rebcarl@indiana.edu.
