Innovation Index

Inducing

Opportunityo USI & NSWC Crane

relationship since 2007

o Two certified technology parks at each end (Westgate & Innovation Pointe)

o New terrain interstate – I69

o Increasing need for STEM workers

o Strong manufacturing foundation and R&D presence

Benchmarking Innovation

Global Innovation Index (GII)

• Concerned with improving the ‘journey’ to better measuring and understanding innovation

• Identify targeted policies and good practices

• Recognize important qualitative aspects of innovation policies and processes that are not captured adequately within the GII model.

Second Tier Regions• Four premises:

– Silicon Valley is the exception, not the norm. Not a replicable model

– Role of firms as surrogate research university

– Firms doing economic development & entrepreneurship

– Policies linking higher ed and other institutions

The Innovation-Entrepreneurship Nexus

• Investment in innovation capacity alone is not enough

• Need entrepreneurial activity to convert innovation assets into long-term economic gain

• Higher R&D, educational attainment, manufacturing concentration needed for higher entrepreneurial activity

PHASE I

Business

CivicAcademia

Convene Leadership Team

PHASE II

Build a Business Case

Widening Gap Pace of Change

NUTSHELL: We are growing, but at a slower pace than the national

indicators. We need to address this before the gaps widen at an

exponential rate to a point of no return.

Innovation Index

Measures how well a regional economy translates knowledge and innovative capacity into prosperity

Analyzing the RegionRegional Innovation Index (2012):

81.6Technical Workforce

Youth Migration

Clusters

Educational Attainment

Business Churn

Venture Capital and I.P.Broadband

Job Growth

Diversification of Industry

Population decline

PHASE III

TASKFORCES

Brainpower

Civic Collaboration

Branding Experiences

Quality, Connected Places

Entrepreneurship & Innovation

Networks

INITIATIVESCHAMPIONS

Shared Strategic Framework

I-69

Inno

vati

on

Corr

idor

Vision: Igniting prosperity in SW Indiana

and NW Kentucky.

Mission: Regional initiative focused on

driving transformational change by creating a culture and environment supportive of innovative capacity

Goal:Increase Innovation Index by

20% by 2025

Target Audience: Local and Regional Community

Economic DevelopmentEducation

Business and IndustryCivic Community

Government

IMCP Proposal:Network for

Distributed & Sustainable

Manufacturing

Celebration of Innovation

USI is connector

Gears working together to create traction across the region

5 Regional Entities covering 23 Counties:• Radius Indiana• Southern Indiana

Development Commission• Indiana 15 Regional Planning

Commission• Southwest Indiana • Econ Dev. Coalition• Kyndle Kentucky Network

Higher Ed Institutions:• University of Southern

Indiana• Indiana University• Ivy Tech• University of Evansville• Vincennes University• Oakland City University• Henderson Community

College• Advantage Kentucky Alliance

– WKU• Purdue

Moving the NeedleRegional Innovation Index (2012):

81.6Regional Innovation Index (2015):

86.3

• Overall increase in educational attainment

• 47% increase in technology-based occupations share of total employment – this determines the innovative capacity

Human Capital

• 45% increase in broadband penetration

• Still significant gap in venture capital investment but increase in angel investment

Economic Dynamics

• 5 counties experienced significant growth in high tech employment share

• 600% increase in patents filed

Productivity & Employment

• Reversed average net migration from -10.5 to +1.5

• Proprietors income increased by 48.2%

Economic Well-being

76.785.581.8

86.186.5 101.3

75.1 100.8

Gaps

Next Steps

• Communication Platform• Data Granularity• Initiative Infrastructure

• Innovation Index 2.0

Changing the Culture

Questions“Connectivity lays the

groundwork for empowerment and the framework for

innovation.”