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Innovation Index
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.
Download the NYCEDC Innovation Index Report to learn more about the analysis and measurement of innovation in the City.
Innovation Index
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 2010 by using preliminary data when available, as well as time trends on each individual variable.
Inputs
R&D and Human Capital demonstrated steady growth between 2003 and 2010, but the Inputs sub-index was driven by a more than 50% increase in the number of Venture Capital deals in the area (captured under the Finance cluster).
Outputs
The Outputs sub-index saw lower growth than the Inputs sub-index because of weak performance in patent originality and diversity. Despite these declines, Outputs increased overall because the total number of patents to NYC inventors in 2009 was up 11.7% from 2003 and there were large increases in the high-tech Gross City Product indicators.