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.

US-Israel Cybersecurity R&D Cooperation

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This week a large majority of the US Congress voted in favor of two bills which will benefit US-Israel cybersecurity research and development. The bills were introduced by John Ratcliffe, from Texas, and Jim Langevin, from Rhode Island, following discussion which commenced in May regarding cybersecurity threats recorded in the US and Israel.

The United States-Israel Cybersecurity Cooperation Enhancement Act of 2016

This bill moves to increase detection and combat of cyber threats through a grant program supporting R&D projects for US-Israel joint ventures, non-profits, and academic or government entities in both countries. These grants will be provided to non-classified projects and the program is expected to run for seven years.

The United States-Israel Advanced Research Partnership Act

This act will expand an existing bi-national R&D program which is run by the US Department of Homeland Security and Israel’s Ministry of Public Security. Not only will the bill expand the program to include cybersecurity research, the bill aims to increase the success rate of products moving from the initial stages of development to successful commercialization.

Cyber Giants

As web security is the greatest security challenge of current generations, the US and Israel have recognized the importance of uniting as primary cybersecurity technology exporters to promote cooperation and unity against a dangerous front.

If  you are performing research and development and would like to discuss the R&D Tax Incentive further, please do not hesitate to contact one of Swanson Reed’s offices today.