How Does Your State Rank on the Innovation Scale?

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Innovation Is Key

Innovation is crucial to sustainable economic growth, but for innovation to occur businesses must have both the incentive and the capacity to invest.

As innovation is key to the United States’ economy as a whole, many U.S. states are showing off while others are falling short when it comes to patents, R&D, venture capital and academics.

So which states are excelling in innovation and which ones are lacking, you ask?

Patents

The top states in patents per population include:

  1. Wisconsin
  2. Washington
  3. Texas
  4. Utah
  5. California
  6. Massachusetts

The bottom five patented states include:

  1. Alaska
  2. Mississippi
  3. Tennessee
  4. West Virginia
  5. Wyoming

Venture Capital

The top states for venture capital are:

  1. Massachusetts
  2. California
  3. Utah
  4. Washington
  5. Colorado

The lowest are:

  1. Arkansas
  2. Alaska
  3. Hawaii
  4. Wyoming
  5. Iowa
  6. South Dakota

R&D Spending

The leaders in R&D spending are:

  1. Delaware
  2. Michigan
  3. California
  4. Connecticut
  5. Massachusetts

The states that spent the least on R&D include:

  1. Arkansas
  2. Wyoming
  3. Louisiana
  4. Alaska
  5. Mississippi

Academics

As for academics, the top states include:

  1. New Mexico
  2. Maryland
  3. Rhode Island
  4. Massachusetts
  5. Alabama

The lowest academic rankings were for:

  1. Louisiana
  2. Arkansas
  3. Delaware
  4. Wyoming
  5. Nevada

If you are a U.S. based company conducting R&D you may be eligible for the federal and/or state research tax credit. Please contact a Swanson Reed representative to find out further information.

State of the art R&D center opens in Iowa

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The University of Iowa is now home to a state of the art research and development center. Applied Food Science (AFS), recently opened the multi-million-dollar R&D center in Iowa City, which consists of molecular biology labs, advanced analytical and material research laboratories, and a pilot production plant.

AFS are a natural ingredient supplier specializing in botanical extract for food, beverages and supplements. AFS source their ingredients in a manner which is both sustainable and socially responsible. The company seeks to create a solution for producing the healthiest organic products imaginable.

AFS are excited about the plans in store for the company’s endeavors to converge science with food. The primary R&D goals will consist of fostering the growth of plant-based science and testing how the evolution of food fits into the current and future food supply. These research outcomes will assist in not only continuing to feed the growing population, but also providing a healthier and more nutritionally sound food source.

AFS see the University of Iowa to be a great location to base their innovation center, as it beneficially positions them closer to farmers who feed the community, and processors who utilize plants for added-value end products. Additionally, the University of Iowa are renowned for their diligent work ethic, professionalism and innovative culture in the areas of biotechnology and food science, therefore the fit between the two industries deemed as appropriate.

Loretta Zapp, CEO of AFS, states that the following center is evidence of the company’s commitment to its customers and the enhanced value the company seeks to bring in their products. The R&D center will create an ideal environment to foster collaborative teams with the mission of touching all aspects of how food science advances can produce long term benefits in people’s health and wellness. Zappo is optimistic that the research outcomes will add even more value to the current offerings that include supply chain sustainability, innovation, formulation and manufacturing support.

To learn more about the Iowa R&D credit or the federal credit, contact a Swanson Reed specialist by clicking here.