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The NYCEDC Innovation Index tracks the City’s transformation into a center for high-tech innovation. It measures innovation in the City’s growing science and technology industries and is designed to capture the effect of innovation on the City’s economy.
The NYCEDC Innovation Index is comprised of six dimensions that provide a comprehensive picture of the resources directed towards innovation, as well as the results of innovation in the economy. Inputs to innovation include R&D, Finance, Human Capital; outputs include Intellectual Property, High-tech Gross City Product, and Entrepreneurship and Employment Dynamics. The NYCEDC Innovation Index is derived by averaging each of the clusters and therefore reflects overall performance. The estimates are extended to 2011 by using preliminary data when available, as well as time trends on each individual variable.
All three clusters in the Inputs sub-index demonstrated steady growth between 2003 and 2011. However, the overall increase was driven primarily by particularly strong growth in VC funding and small business grants, which are both captured under the Finance cluster.
The Outputs sub-index grew at a slower pace than Inputs due to weaker performance in Entrepreneurship and Employment Dynamics. Despite these declines, Outputs increased overall because of large increases in the number of patents awarded to NYC inventors and growth in high-tech Gross City Product indicators.