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Characteristics of Competitive Places:
The Role of Innovation in Economic Dynamism
Ross DeVolExecutive Director, Economic Research
(310) 570 4615
Presentation For:“Global Innovation Day ” Conference
Bilbao, Spain
June 16, 2011
Overview
• Long-term regional growth process
• Regional economic innovation ecosystem
• Silicon Valley: a case study in innovation
Long-term regional growth process
• Large regional differences in growth
• Few barriers to flow of economic activity
• Export-intensive activity is critical
• Manufacturing is an export sector
• Healthcare services can be an export
Factors affecting disparity
in regional growth
• Existing industrial structure
• Cost of doing business:
– Tax rates, capital costs, wage rates, space costs, energy
costs, health care costs, etc.
• Labor force skills, access to markets and capital
• Research, development and innovation capacities
• Quality of place issues
Top 10
Second tier
Third tier
Bottom 10
Research and development composite2010
Source: Milken Institute
Legend
Legend
Top 10
Second tier
Third tier
Bottom 10
Risk capital and entrepreneurial
infrastructure composite2010
Source: Milken Institute
Legend
Top 10
Second tier
Third tier
Bottom 10
Human capital investment composite2010
Source: Milken Institute
Top 10
Second tier
Third tier
Bottom 10
Technology and science workforcecomposite
2010
Source: Milken Institute
Legend
Top 10
Second tier
Third tier
Bottom 10
Technology concentration and dynamismcomposite
2010
Source: Milken Institute
Legend
Top 10
Second tier
Third tier
Bottom 10
State Technology and Science Index2010
Source: Milken Institute
Legend
Per capita income & Tech and Science IndexIncome relative to working age population, 2007
WYWV
WIWA
VTVA
UTTX
TNSD
SCRI
PAOR
OKOH
NYNV
NMNJ
NHNE
NDNC
MTMS
MOMN
MIME
MDMA
LAKY
KSIN
ILID
IAHI
GAFL
DECT
COCA
AZAR
ALAK
55
50
45
40
35
30
25
$US Thousands
Actual
Predicted
