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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 tracks progress in 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 have been extended to 2012 by using preliminary data, as well as time trend forecasts when data was not yet available.
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.